Nasdaq surges on megacap earnings

The stellar earnings results from America's tech titans lifted the Nasdaq 1% on the last trading day of July. But the expiration of the weekly supplemental jobless benefits had investors concerned about economic damage from the pandemic, capping gains on the Dow and S&P 500.

The blue chip index added less than a half percent. The S&P rose three-quarter percent.

Stocks posted big gains for the month, led by the Nasdaq's nearly 7% climb.

Christopher Murphy, co-head of derivatives strategy at Susquehanna International Group says it's not time to sell the Apples and Amazon of the Internet world just yet:

"They're the ones that have been most successful, benefitting from the lockdown. So in my opinion, best of breed stocks you can continue to own them." 3;40"

Apple surged to overtake Saudi Aramco as the world's most valuable company. Many analysts raised their price targets on the stock of the iPhone maker.

Amazon rose after posting its biggest profit ever while Facebook shares jumped after the social media giant blew past revenue expectations.

Microsoft shares rose. Sources say it's in talks to buy the popular short video app, TikTok, just as the White House prepares to force Chinese internet giant ByteDance to shed TikTok's U.S. operations.

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