S&P 500 and Nasdaq hit fresh record high as Alphabet and Twitter gain on earnings

Stocks rose on Friday after strong earnings from big tech companies such as Alphabet and Intel while the U.S. economy grew at a better-than-expected clip in the second quarter.

The S&P 500 gained 0.6% while the Nasdaq Composite climbed 1%. Both indexes reached all-time highs around midday Friday. The Dow Jones Industrial Average traded 27 points higher.

The major indexes briefly pared gains after National Economic Council Director Larry Kudlow told CNBC’s “Squawk on the Street ” he would not expect a “grand deal ” to come out of next week’s U.S.-China trade talks.

For the week, the S&P 500 and Nasdaq were headed for solid gains. The two indexes were up 1.6% and 2.2% week to date, respectively. The Dow is up 0.1% this week.

Alphabet reported better-than-expected earnings Thursday and announced a massive $25 billion share repurchase program. The results and buyback sent the stock up 10.4%.

Twitter shares gained more than 8% on the back of second-quarter results that topped estimates. The social media company also reported a 14% rise in monetizable daily active users.

CNBC

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Ed Moya

Ed Moya

Senior Market Analyst - The Americas at OANDA
With more than 20 years’ trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geopolitical events and monetary policies around the world. Over the course of his career, he has worked with some of the world’s leading forex brokerages and research departments including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including BNN, CNBC and Bloomberg, and is often quoted in leading publications including the Wall Street Journal and the Washington Post. He holds a BA in Economics from Rutgers University.
Ed Moya