Stocks notch best month since 2020 | Key inflation figure jumps | Amazon is a port in the storm

The major averages rallied to finish the week higher and post their best monthly gains since 2020.

VIEW IN BROWSER | SUBSCRIBE FRI, JUL 29, 2022 EVENING BRIEF AS OF FRI, JUL 29, 2022 • 05:15 ET DJIA 32845.13 +0.97% +315.50 S&P 500 4130.29 +1.42% +57.86 NASDAQ 12390.69 +1.88% +228.09 Most Active DOW NAME LAST CHG %CHG INTC 36.31 -3.40 -8.56% AAPL 162.51 +5.16 +3.28% MSFT 280.74 +4.33 +1.57% S&P 500 NAME LAST CHG %CHG AMZN 134.95 +12.67 +10.36% INTC 36.31 -3.40 -8.56% AAPL 162.51 +5.16 +3.28% NASDAQ NAME LAST CHG %CHG AMZN 134.95 +12.67 +10.36% INTC 36.31 -3.40 -8.56% AAPL 162.51 +5.16 +3.28% EDITOR'S NOTE Stocks rose for a third straight day as investors looked past inflation and recession fears while digesting a mixed bag of earnings.   While all of the major averages are well off their all-time highs, they rallied to finish the week higher and post their best monthly gains since 2020. The Dow Jones Industrial Average added more than 6% in July, while the S&P 500 climbed 9.1%. The tech-heavy Nasdaq Composite, still the laggard of the three this year, jumped about 12.4%.   The reversal came as investors' fears about the aggressive pacing of the Federal Reserve's interest rate hikes started to wane and the idea that inflation has perhaps peaked began to settle in. Corporate earnings have helped sentiment, too. While this week's batch of corporate results has been mixed, strong quarterly performance and rosy guidance for both Apple and Amazon lifted investor sentiment early in the day. Shares gained 3% and 10%, respectively.   On the flip side, shares of Intel and Roku dropped on Friday, following disappointing quarterly updates from the two companies. Energy stocks drove the market higher, with Chevron and Exxon Mobil posting strong results for the previous quarter. Their shares rose 8.9% and 4.6%, respectively.   Friday's gains built upon the market rally that began earlier in the week following a policy update from the Federal Reserve. Those updates calmed the nerves of investors that have been worried about the state of the economy. Similarly, corporate earnings have shown things aren't as bad as investors expected. Tanaya Macheel | Markets and Investing Reporter @tanayamac Watch our live stream for all you need to know to invest smarter. TOP NEWS  Stocks rally for a third day to cap a winning week, major averages post best month since 2020 Inflation figure that the Fed follows closely hits highest level since January 1982 Mortgage rates fall sharply after negative GDP report and Fed's latest hike Amazon shares rally after strong second quarter and guidance These names reporting earnings next week often beat estimates and trade higher Tom Lee says the 2022 bear market is over, stocks could hit new highs before year-end Analysts hail Amazon as a port in the storm after the retail giant's strong quarter The Elon Musk-Twitter trial will start Oct. 17 House Democrats push for Biden's billionaire minimum income tax U.S. secures 171 million omicron Covid shots ahead of fall vaccination campaign TOP VIDEO The Fed wants to make sure inflation doesn't become entrenched, says KPMG's Diane Swonk CNBC PRO Bank of America says sell Roku, slashes price target after streaming company's dismal quarterly report SPECIAL REPORTS 'Once-in-a-generation' prescription drug pricing reform could be coming. Here's what we know The best remote leaders do these 3 things—because great leadership doesn't only come from in-person work Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS