Stocks soar despite First Republic and Amazon setbacks.
TL;DR Summary
Stocks rose on Friday to cap a volatile week with each of S&P 500, the Dow Jones Industrial Average, and Nasdaq Composite logging weekly gains. The biggest movers Friday came from the tech and banking worlds, with shares of Amazon falling more than 3% after the company warned of a slowdown in its AWS cloud business on its earnings conference call Thursday night. Investors were also keeping close tabs on shares of First Republic as the struggling lender appeared set to enter FDIC receivership this weekend with reports suggesting the US government has been unable to secure a buyer for the bank.
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