Stocks end mostly higher to cap strong July action
Stocks closed mostly higher, as encouraging earnings from major tech companies offset negative reports from some energy firms and a disappointing GDP report.
All three main indexes posted solid monthly gains; for the week, the S&P finished flat after touching a new all-time intraday high this morning, the Dow slipped 0.8% while the Nasdaq gained 1.2%.
Tech stocks rose 0.4%, sparked by Alphabet’s 3.3% spike following upbeat Q2 results.
U.S. crude oil settled 1.1% higher at $41.60/bbl; the energy sector rose 0.7% in overcoming Exxon’s 1.4% loss after badly missing Q2 earnings estimates.
The advance read on Q2 GDP showed a 1.2% annualized growth rate, well below expectations for 2.6% growth, but the news was seen as lowering the potential for a Fed interest rate increase in September.
Investor participation was lifted by month-end flows, which resulted in more than 1.1B shares changing hands at the NYSE floor.
Weak growth data sparked a bid across the Treasury complex, sending the benchmark 10-year yield lower by 4 bps to 1.46%.Click here for reuse options!
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