Amazon, Apple raise hopes as investors brace for slowdown

Apple and Amazon added about $175 billion to their combined market value on Friday after upbeat results boosted investor confidence on the ability of these firms to weather a slowdown in the economy.

While analysts noted these companies were not completely immune to broader economic hurdles, they said the weakness in consumer spending is not likely to send these firms into the red, deeming them “always reliable to buck the trend.”

Amazon’s shares rose about 11% to $135.50 after the e-commerce titan forecast upbeat third-quarter revenue, while those of Apple rose more than 3% as the company said appetite for iPhones remained strong despite consumers tightening spending.