U.S. stocks rise amid earnings, upbeat data

U.S. stocks rebound Friday, with the S&P 500 setting a new closing record, as investors pondered over quarterly earnings and positive economic data.

The Dow Jones Industrial Average increased 53.62 points, or 0.29 percent, to 18,570.85. The S&P 500 added 9.86 points, or 0.46 percent, to 2,175.03. The Nasdaq Composite Index was up 26.26 points, or 0.52 percent, to 5,100.06.

General Electric Company reported Friday second-quarter continuing operations earnings per share of 36 cents, with Industrial+ Verticals operating earnings per share of 51 cents.

Shares of the industrial conglomerate, however, dipped 1.63 percent to 32.06 U.S. dollars apiece Friday following the release of the company's better-than-expected quarterly results.

Starbucks' shares inched up 0.52 percent to 57.90 dollars apiece Friday after the world's famous coffee chain delivered quarterly results that missed estimates.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the second quarter of 2016 are expected to decrease 3.8 percent year on year, while the revenues are forecast to decline 0.6 percent.

On the economic front, the seasonally adjusted Markit Flash U.S. Manufacturing Purchasing Managers' Index rose from June's reading of 51.3 to 52.9 in July, beating market consensus of 51.9.

Meanwhile, investors kept a close eye on the U.S. Federal Reserve's meeting next week. The Fed policymakers are expected to show more hints on the timing of a next rate hike.

In a weekly basis, all three major indices rallied for a fourth consecutive week, with the Dow, the S&P 500 and the Nasdaq going up 0.3 percent, 0.6 percent and 1.4 percent, respectively. Enditem