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The Nasdaq and S&P 500 indexes rose on Friday, as positive forecasts from Apple and Amazon pointed to resilience in mega-cap companies to survive an economic downturn, with hopes of a less aggressive monetary policy boosting sentiment.

Apple Inc shares rose 3.4% after the iPhone maker said parts shortages are easing and that demand for iPhones is unceasing despite consumers tightening other spending.

Amazon.com Inc shot up 11.9% after it forecast a jump in third-quarter revenue from bigger fees from its Prime loyalty subscriptions.

“Big tech has been a mixed bag this earnings season, but Amazon proved that the strong can survive even the toughest environments,” said Laura Hoy, equity analyst at Hargreaves Lansdown.

Meanwhile, investor worries of bigger interest rate increases eased a bit on Thursday after data showed the American economy contracted for the second straight quarter.

“The Fed is really between a rock and a hard place because are they going to fight inflation or are they going to cave to slower economic growth,” said Paul Nolte, portfolio manager at Kingsview Investment Management.

Gains on the Dow Jones Industrial Average were capped by Intel Corp, which tumbled 10.2% after it cut annual sales and profit forecasts and missed second-quarter estimates as demand for its chips used in personal computers cools.

While the broader S&P 500 technology index gained 0.9%, chipmakers fell, with the Philadelphia SE Semiconductor index slipping 0.6%. Consumer discretionary stocks jumped 3.5%.

Toward the end of a power-packed week, all three of Wall Street’s main indexes were set for their second straight weekly gain.

Data showed U.S. consumer spending increased more than expected in June as Americans paid more for goods and services, with monthly inflation surging by the most since 2005.

At 9:49 a.m. ET the Dow Jones Industrial Average was up 28.21 points, or 0.09%, at 32,557.84, the S&P 500 was up 27.86 points, or 0.68%, at 4,100.29 and the Nasdaq Composite was up 127.98 points, or 1.05%, at 12,290.57.

The CBOE Volatility index, also know as Wall Street’s fear gauge, hit a 3-month low.

The S&P 500 energy sector added 3.2%, boosted by shares of Chevron Corp and Exxon Mobil rose 6.8% and 3.6%, respectively, after the oil majors posted record quarterly revenue on the back of soaring crude prices.

Phillips 66 rose 0.2% after the refiner reported a jump in second-quarter profit, boosted by surging demand for fuel and refined products amid tight supplies.

Procter & Gamble Co fell 5.0% after predicting full-year earnings below analysts’ estimates as the consumer goods giant struggles with surging transportation and commodity costs.

Advancing issues outnumbered decliners by a 1.30-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.20-to-1 ratio on the Nasdaq.

The S&P index recorded one new 52-week high and 32 new lows, while the Nasdaq recorded 25 new highs and 25 new lows.

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