US GDP growth beats forecasts; tech shares surge after stellar results – business live

Rolling coverage of a crucial growth report on the US economy, after strong results from America’s tech giants cheer the marketsLatest: US economy grew by 3% (annualised) in Q3.Consumer spending and business investment drove growthExports also rose, and businesses expanded their inventoriesEarlierAmazon, Alphabet and Microsoft smashed forecasts last nightAmazon and Alphabet shares both jump over $1,000 in after-hours tradingJapan’s Nikkei has hit a 21-year high 3.04pm BST The Nasdaq index of tech stocks has jumped by 1.8% in early trading, to a new all-time high.Amazon, Microsoft, Alphabet (Google’s parent company) and Intel are all among the top risers. 2.53pm BST BREAKING: Tech stocks are rallying hard on Wall Street.Amazon’s shares have spiked by over 8% at the start of trading in New York, following last night’s impressive financial results. That takes them back over the $1,000 mark.“We would characterize last night’s Amazon September results as a ‘Picasso-like quarter’ with the company handily beating all metrics across the board,” “Last night’s quarter … is another feather in Bezos’ cap.” Continue reading…
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