By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Shares of Amazon.com rallied
Friday as the company's latest initiatives in cloud computing got
upbeat reviews from Wall Street.
Amazon's (AMZN) stock climbed more than 4% to $341.62. The
company just unveiled new products for its successful Amazon Web
Services business, including new systems for collaboration and
mobile.
"Cloud services is one area where Amazon has an early-mover
advantage and where it keeps innovating at an accelerating pace,"
Jefferies analyst Brian Pitz told clients in a note.
But the tech sector was weighed down by slumping shares of
Microsoft Corp. (MSFT) and IBM Corp. (IBM) each down a fraction.
Chip giant Intel Corp. (INTC) also shed 0.3%, while Oracle (ORCL)
slipped 0.1%.
On the upside, shares of Facebook Inc. (FB) and Twitter Inc.
(TWTR) were each up more than 1%. Apple Inc. (AAPL) shares were up
nearly 1%.
The Nasdaq Composite Index (RIXF) gained 0.3% to 4,407. The
benchmark was on track to end the week down nearly 2%.
The Morgan Stanley High Tech 35 Index (MSH) was up a fraction,
while the Philadelphia Semiconductor Index (SOX) was mostly flat,
last down 0.1%.
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