Apple stock closes out its best day since 2020

Apple CEO Tim Cook visits the Apple Fifth Avenue store for the release of the Apple iPhone 14, New York City, September 16, 2022.

Apple stock rose 7.5% on Friday, a day after it reported September quarter earnings that modestly beat expectations on revenue and profit and showed global demand for its premium hardware remains high.

It was the best day for Apple shares since April 2020.

The surge comes after a mixed week of Big Tech earnings, in which Meta and Alphabet showed signs of weakness caused by macroeconomic conditions hurting the digital ad market. Alphabet rose about 4.4% and Meta was up about 1% on Friday. Both took big hits earlier in the week.

Amazon fell 6.8% on Friday after giving weak guidance for the holiday quarter.