Looking ahead, market participants were awaiting results from Google-parent Alphabet Inc.
stock benchmarks on Monday finished the day around the loftiest levels of the session, as technology and internet stocks rallied on the back of strong gains from the likes of Microsoft Corp. The technology-laden Nasdaq Composite Index advanced 1.2% to 7,348, putting the index not far from escaping bear-market territory, commonly defined as a decline of at least 20% from a recent peak. 21 but has climbed nearly 20% from its bear-market low, with such a rise by some measures, representing an emergence from bear market.
The Dow Jones Industrial Average rose 175 points, or 0.7%, at 25,239, the S&P 500 index gained 0.7% to reach 2,724, underpinned by a sharp rally in the technology sector , up 1.6%, on a preliminary basis.
, which were slated for after the close of trading. surged 2.9% toward a fourth-straight gain in afternoon trade, enough to pace the Dow Jones Industrial Average's gainers.
The stock has now run up 10.8% since the technology giant reported fiscal first-quarter results after the Jan. The rally puts the stock 20.5% above the 20-month closing low of $142.19 on Jan. Many on Wall Street define a bull market as a rise of 20% on a closing basis off a bear market low.
The stock still remains well below the widely watched 200-day moving average (DMA), which many view as a dividing line between longer-term uptrends and downtrends.
The 200-DMA currently extends to $191.40, according to Fact Set.
Despite the recent run up, the stock is still down 17.4% over the past three months, while the Dow Jones Industrial Average has slipped just 0.4% over the same time. said in its 2018 annual report filing that although it can, it chose not to repurchase any of its shares during 2018.
The e-commerce giant is cleared to spend up to $5 billion to repurchase shares, but hasn't bought back any stock since it spent $960 million worth in 2012.
In addition, Amazon still has never paid a dividend.
But before shareholders complain about the company not returning cash to shareholders--it has pledged to spend more on growing its business this year than it did in 2018--consider that the stock continues to outperform Apple Inc. Shares of Amazon have slipped 0.8% over the past three months, while Microsoft has shed 2.1%, Apple has tumbled 24%, Alphabet has gained 3.9% and the Dow Jones Industrial Average has slipped 0.9%. briefly blocked Alphabet's Google from distributing internal i OS apps following reports that a Google app improperly harvested user data, according to multiple reports Thursday.
, which spent over $70 billion on share repurchases in calendar 2018, including $8.2 billion in the December quarter, and about $14 billion on dividends. With 491,202,890 shares outstanding as of Jan 23, according to Amazon's annual report, the market cap is $811.2 billion. , with a market cap of $796.0 billion, followed by Apple Inc. The suspension of its developer certificate was similar to one handed to Facebook Inc.