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Strong earnings boost the markets

NEW YORK - The stock market closed out its best week in nearly two years on a positive note Friday, helped by strong quarterly earnings from Microsoft and other big U.S. companies.

NEW YORK - The stock market closed out its best week in nearly two years on a positive note Friday, helped by strong quarterly earnings from Microsoft and other big U.S. companies.

Quarterly results from Microsoft and UPS helped lift stocks Friday, but there had been other strong reports this week. Caterpillar, 3M, Apple, and others all came in well above expectations.

Investors were able to set aside dismal third-quarter results from Amazon.com. The online retailing giant reported a steeper-than-expected quarterly loss despite soaring sales. Investors have grown impatient with the company, which has been unable to deliver profits even as it gains ground as one of the world's largest retail companies. Amazon fell $26.12, or 8 percent, to $287.06.

The Dow Jones industrial average rose 127.51 points, or 0.8 percent, to 16,805.41. The Standard & Poor's 500 index added 13.76 points, or 0.7 percent, to 1,964.58 and the Nasdaq composite rose 30.92 points, or 0.7 percent, to 4,483.72.

The S&P 500 rose 4.1 percent for the week, its biggest gain since January 2013.

The price of oil fell Friday on further evidence of ample supplies and weak demand. Benchmark U.S. crude fell $1.08 to close at $81.01 a barrel in New York. The price of gold rose $2.70 to $1,231.80 an ounce, silver rose two cents to $17.18 an ounce and copper was flat at $3.04 a pound.