AMZN Stock News: Amazon rises as strong bank earnings hint at stronger economy
|- NASDAQ: AMZN gained 2.3% during Tuesday’s trading session.
- Major banks are providing a positive outlook on consumer spending in the United States.
- An Albany-based Amazon warehouse voted against unionizing.
Amazon.com (AMZN) rose for the second straight day as growth stocks continued to see a boost from a strong start to earnings season. On Tuesday, shares of AMZN added 2.3% and closed the trading session at a price of $116.36. All three major averages rallied again as big banks continued to churn out strong earnings after Goldman Sachs (GS) topped analyst estimates for the quarter. Lockheed Martin (LMT) and Netflix (NFLX) also posted positive reports both during and after the market close. Overall, the Dow Jones added 1.1%, the S&P 500 gained 1.1%, and the Nasdaq rose by 0.9% during the session.
Amazon stock price
Those major bank performances are providing investors with an optimistic view of the US economy for the first time in months. Bank of America (BAC) CEO Bryan Moynihan noted that US consumer clients remain resilient with strong spending levels. Bank of America was the latest big bank to beat earnings estimates, and this has provided some hope that the US economy is stronger than believed. This has boosted the stocks of companies like Amazon, Walmart (WMT), and Target (TGT) over the past couple of days.
An Albany, New York-based Amazon warehouse has voted against unionizing. This is yet another setback for the group known as the Amazon Labor Union, a group of Amazon workers that are attempting to unionize Amazon facilities around the country. The President of the organization claims that the vote was not fair or transparent and even called it a sham election that saw intimidation tactics being used on workers.
AMZN 5-minute chart 10/18/22
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