The markets had been expecting Q2 earnings season to be negative, with earnings and sales growth both dipping. However, that is not the way things are going so far. There have been some notable earnings beats with Google, Bank of America, and Citigroup all posting better than expected results for the three months to June.
Google Inc.'s shares surged as much as 14.5% on Friday, adding about $50 billion to its market value, as strong growth in mobile ad revenue allayed concerns its YouTube business could be hurt by Facebook Inc.'s push into video.
The Obama administration has been locked in internal wrangling over what position to take in high profile litigation between two American technology giants, Google and Oracle, according to multiple sources familiar with the discussions.
U.S. stocks were set to open higher on Friday as strong results from tech behemoths Google, Amazon and Microsoft set the Nasdaq Composite on track to extend its run after surpassing on Thursday a 15-year-old record.