New York: US equities closed higher as market’s sentiment was lifted by a batch of stronger-than-expected earnings reports.
The Dow Jones Industrial Average increased 51.47 points, or 0.19 per cent, to 27,192.45 Friday. The S&P 500 was up 22.19 points, or 0.74 per cent, to 3,025.86. The Nasdaq Composite Index advanced 91.67 points, or 1.11 per cent, to 8,330.21, reported.
Nine of the 11 primary S&P 500 sectors rose, with communication services up 3.25 per cent at the close, outpacing the rest. Energy and industrials fell 0.5 per cent and 0.17 per cent, respectively, the only two decliners among the groups.
Google-parent Alphabet reported better-than-expected earnings late Thursday. The shares surged during Friday’s session, with the Class A and Class C up 9.62 per cent and 10.45 per cent, respectively, at the close.
Twitter stock climbed 8.92 per cent after the social media company delivered quarterly results that topped Wall Street’s estimates.
Starbucks shares rose 8.94 per cent on stronger-than-anticipated earnings, also contributing to market gains.
So far, more than 40 per cent of S&P 500 companies have reported quarterly earnings. Of those companies, 76.4 per cent have posted a stronger-than-expected profit, according to data from FactSet.
On the economic front, U.S. gross domestic product P) grew at a 2.1-per cent annual rate in the second quarter, decelerating from the 3.1 per cent expansion in the previous quarter, data released Friday by the US Department of Commerce showed. The reading was better than the 1.8 per cent consensus.
IANS