Stocks rise to cap weekly gains as Amazon plunges and the First Republic collapses

Stocks rose on Friday to cap a choppy week as the S&P 500 (^GSPC), Dow Jones Industrial Average (^DJI), and Nasdaq Composite (^IXIC) all posted weekly gains.

The S&P 500 and Dow were up 0.8% on Friday while the Nasdaq was up 0.7%. The Nasdaq rose over 1.2% for the week, leading gains among the major averages.

The biggest movers Friday came from the worlds of technology and banking, where shares of Amazon (AMZN) fell more than 3% after the company warned of a slowdown in its AWS cloud business on an earnings conference call Thursday night.

Elsewhere in technology, shares of Snap (SNAP) fell more than 17% as the company again warned of slowing revenue as a faltering ad market continued to weigh on the company’s growth.

Investors have also been keeping close tabs on First Republic (FRC) shares as the distressed lender looks set to enter FDIC receivership this weekend with Reports refer to the US government He was unable to secure a buyer for the bank.

First Republic stock fell more than 40% on Friday.

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