Amazon led the U.S. stock market to another winning week and month, with the S&P 500 rising 0.3% and closing in on its all-time high. The Dow Jones Industrial Average added 40 points, and the Nasdaq composite gained 0.6%. Amazon’s stock surged 9.6% after reporting strong profits, boosting the market.

Apple, a larger company than Amazon, had a smaller impact on the market. Its stock fluctuated before ending down 0.4% despite a better-than-expected profit report. Reddit and Coinbase Global also saw gains after exceeding profit expectations for the latest quarter. Netflix announced a 10-for-1 stock split, pushing its stock price higher.

AbbVie experienced a 4.5% drop, despite beating profit forecasts. Companies are under pressure to deliver significant profit growth to justify recent stock price gains. The S&P 500 rebounded after a 1% slump due to concerns about increased spending by Meta Platforms and Microsoft in AI technology and ongoing tensions between the U.S. and China.

In international markets, European indexes dipped, with Hong Kong and Shanghai stocks falling. Japan’s Nikkei 225 reached a new record following positive industrial production data. Treasury yields eased after Federal Reserve Chair Jerome Powell hinted at no foregone interest rate cuts in December, with the 10-year Treasury yield at 4.09%.

Central banks globally are halting rate cuts, with Bank of America economists suggesting the end of the easing season in developed economies. The stock market’s performance reflects the influence of tech giants like Amazon and Apple, as well as ongoing economic and geopolitical factors impacting global markets.

Read more at Yahoo Finance: Amazon carries Wall Street to the finish of another winning week and month