Stocks end mostly higher to cap strong July action

Stocks end mostly higher to cap strong July action

Stocks end mostly higher to cap strong July action

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.

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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.

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Weak growth data sparked a bid across the Treasury complex, sending the benchmark 10-year yield lower by 4 bps to 1.46%.

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