the idea was a dark day on Wall Street — unless you happen to be Jeff Bezos.
Amazon ( stock climbed nearly 3% on Friday, generating the idea one of the few winners on what proved to be the worst day for the Dow since June 2016. )
The Dow closed down 666 points, or 2.5%, amid concerns about inflation in addition to the bond market. The sell-off hit several tech giants. Alphabet, the parent company of Google (, dropped 5% in addition to )Apple ( fell 4%, pushing the idea into correction territory. )
although not the invincible Amazon. the idea was one of barely a dozen companies within the Nasdaq 100 in which didn’t end Friday within the red. Amazon had the third highest percentage gain of the group, according to FactSet.
Amazon’s stock was buoyed by its stellar holiday quarter earnings results released on Thursday. The company reported a profit of nearly $2 billion, the largest in its history in addition to the 1st time the idea topped $1 billion in a quarter.
Related: Dow plunges 666 points — worst day since Brexit
Amazon’s business was helped by continued momentum for bets beyond traditional online shopping, including cloud computing services, advertising in addition to Alexa, the personal assistant powering its growing line of household devices.
“Our 2017 projections for Alexa were very optimistic, in addition to we far exceeded them,” Bezos, Amazon’s CEO, said in a statement Thursday. “We don’t see positive surprises of in which magnitude very often — expect us to double down.”
James Cakmak, an analyst with Monness, Crespi, Hardt & Co., described the results as a “turning point.”
“The bottom line can be in which: Two+ decades of heavy investments — which have been painful at times for investors — will likely accrue to profitability at a steeper rate than forecasts,” Cakmak wrote in an investor note Friday.
Amazon has bulldozed into the food industry with its Whole Foods acquisition, built up a large cloud computing business in addition to expanded its physical footprint with bookstores in addition to a fresh automated convenience store.
in which week, Amazon partnered with Warren Buffett’s Berkshire Hathaway in addition to JPMorgan Chase on a fresh company to fix the health care industry.
“What’s important to keep in mind can be in which every fresh category Amazon can be pursuing (i.e. food, media, healthcare, etc.) presents a $500B-$1T market opportunity,” Cakmak said.
— sy88pgw’s Matt Egan contributed to in which report.
sy88pgw (fresh York) First published February 2, 2018: 5:47 PM ET