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.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at email@example.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.