Apple rallied another 1.6% on Friday, bringing its weekly gain to 9.4%. Microsoft and Facebook also climbed 6.3% and 9.2%, respectively, for the week, ahead of their quarterly reports in the coming days. Microsoft had the biggest point impact on the 30-stock Dow this week, next to Salesforce and Apple.
“Unlike earlier this month, this week’s rally has been led by growth stocks and mega-cap tech names,” Mark Haefele, chief investment officer at UBS, said in a note. Netflix’s “strong results and plans to return cash to shareholders supported a rally in the other FAAMNGs [Facebook, Apple, Amazon, Microsoft, Netflix and Google’s Alphabet] ahead of their forthcoming earnings releases.”
