The Dow Jones Industrial Average closed at 27,192.45 on Friday with a gain of 51.47 points or 0.19%. The S&P 500 closed at 3,025.86 for a gain of 22.19 points or 0.74%. The Nasdaq Composite closed at 8,330.21 for a gain of 91.67 points or 1.11%. The VIX Volatility Index was lower at 12.16 for a loss of 0.58 points or -4.55%.
For the week, the Nasdaq gained 1.65%, the S&P 500 gained 0.71% and the Dow Jones had a gain of 0.01%. For the year, the Nasdaq has a gain of 25.5%, the S&P 500 has a gain of 20.7% and the Dow Jones is up 16.3%.
Friday's market movers
The Nasdaq and S&P 500 closed at record highs Friday with U.S. indexes reporting gains for the day and the week. Investors continued to be bullish on second-quarter earnings with 40% of S&P 500 companies reporting earnings already and 76% beating forecasts. The government also announced its approval of the T-Mobile (TMUS), Sprint (S) merger Friday, with both stocks gaining.
Friday's top headline was the Bureau of Economic Analysis' gross domestic product report for the second quarter. The report showed GDP growth down from the first quarter, but beating expectations at 2.1%. Investors seem to believe the report helps reinforce the need for a Fed rate cut next week, but also suggests healthy growth in the economy overall.
Earnings headlines for the day included:
- McDonald's (NYSE:MCD): Revenue and earnings per share were in line with estimates.
- Twitter (NYSE:TWTR): Beat revenue estimates. GAAP earnings beat by $1.36.
- Monotype Imaging Holdings (NASDAQ:TYPE): Beat earnings estimates by 27 cents. Stock gained 24%.
- Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL): Stock gained 10.45% following earnings report Thursday night. GAAP earnings beat by $3.04.
Economic reports affecting market trading included the following:
- The GDP growth rate was reported at 2.1% for the second quarter following an increase of 3.1% in the first quarter and beating expectations of 1.7%.
- The Baker Hughes North American oil rig count increased to 1,073 from 1,072.
In the Dow Jones Industrial Average, the following stocks led gains for the day:
- Coca-Cola (NYSE:KO) 2.07%
- Procter & Gamble (NYSE:PG) 1.74%
- UnitedHealth (NYSE:UNH) 1.70%
In small caps, the Russell 2000 closed at 1,578.97 for a gain of 17.52 points or 1.12%. The S&P 600 closed at 962.51 for a gain of 9.41 points or 0.99%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,242.05 for a gain of 118.05 points or 1.17%. The Dow Jones U.S. Small-Cap Value Index closed at 9,649.59 for a gain of 77.95 points or 0.81%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,983.14 for a gain of 18.31 points or 0.93%; the S&P 100 at 1,339.87 for a gain of 11.84 points or 0.89%; the Nasdaq 100 at 8,016.95 for a gain of 87.09 points or 1.10%; the Russell 3000 at 1,779.48 for a gain of 13.91 points or 0.79%; the Russell 1000 at 1,677.13 for a gain of 12.72 points or 0.76%; the Wilshire 5000 at 31,036.15 for a gain of 245.81 points or 0.80%; and the Dow Jones U.S. Select Dividend Index at 723.70 for a gain of 2.98 points or 0.41%.
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This article first appeared on GuruFocus.
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