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Microsoft Corp shares rose about 5 percent to an all-time high on Friday, after investors cheered another blockbuster quarter, backed by growth in its legacy software business and Azure cloud computing services.
The S&P 500 was trading flat on Friday as Microsoft's robust results helped offset escalating tariff worries after President Donald Trump said he was ready to impose levies on $500 billion worth of goods from China.
U.S. President Donald Trump on Friday dug in on his criticism of the Federal Reserve's policy on raising interest rates, saying it takes away from the United States' "big competitive edge," and lamented the strength of the U.S. dollar.
President Donald Trump said he was ready to impose tariffs on all $500 billion of goods the U.S. imports from China, remarks that sent financial markets retreating and threatened to escalate a trade clash with the Asian giant.
Global markets stalled on Friday after a U.S. threat to slap $500 billion of trade tariffs on China and more yuan weakness, with the dollar slipping and one major benchmark of world equities ekeing out limited gains.
U.S. industrial conglomerate General Electric Co reported a smaller-than-expected drop in quarterly profit on Friday as weakness in power and renewables energy offset gains in its aviation, oil and gas and healthcare units.
China's securities watchdog is urging mutual fund managers to reduce the size of a type of short-term bond funds that have thrived on investors' flight to safety, amid growing concerns of the quality of underlying assets.
Shares of Microsoft Corp were set to open at a record high on Friday, after the company reported another blockbuster quarter, backed by growth in its legacy software business and Azure cloud computing services.