Strong earnings from tech giants like Amazon.com and Apple have eased concerns about a tech bubble, with mega-cap tech stocks continuing to drive U.S. equities higher.

The S&P 500 rose 0.3%, marking its sixth consecutive monthly gain. Since its April low, the index has surged nearly 40%, making it one of the fastest rebounds in U.S. stock market history.

The "Magnificent Seven" tech index also extended its rally for a seventh straight month.

Amazon.com shares surged after its cloud computing division reported its strongest growth in nearly three years.

Apple reassured investors by forecasting a significant holiday sales boost from its new iPhone lineup, though its shares closed lower on Friday.

"Big tech is holding up the market—if these stocks falter, the entire market weakens," said Matt Maley, chief strategist at Miller Tabak & Co. "Investors breathed a sigh of relief after the tech giants' earnings."

At the close: - The S&P 500 rose 0.3% to 6,840.2. - The Dow Jones Industrial Average gained 0.1% to 47,562.87. - The Nasdaq Composite climbed 0.6% to 23,724.96. - The Nasdaq 100 advanced 0.5% to 25,858.13. - The Russell 2000 increased 0.5% to 2,479.381.