Why Amazon Stock Popped Today
Shares of Amazon.com (NASDAQ: AMZN) jumped 6.5% on Monday after Bank of America (NYSE: BAC) delivered stronger-than-anticipated financial results -- and sparked a broad rally in the stock market.
Bank of America's revenue and earnings bested Wall Street's expectations, driven by trading gains and higher interest income. But it was CEO Brian Moynihan's comments that likely spurred many investors to take a more optimistic view of the economy. "Our U.S. consumer clients remained resilient with strong, although slower growing, spending levels," Moynihan said.
Other macroeconomic news also likely contributed to the rally. The U.K. government reversed course on some recently announced tax cuts. The decision helped to assuage investors' fears that the controversial stimulus measures would further stoke inflation in one of Europe's most important markets.
Source Fool.com
