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U.S. stocks open mixed after GDP report

Xinhua, July 29, 2016 Adjust font size:

U.S. stocks opened mixed Friday as the advance estimate on the country's second-quarter economic growth came in worse than expected.

U.S. real gross domestic product (GDP) increased at an annual rate of 1.2 percent in the second quarter of 2016, well below market consensus of 2.6 percent, according to the "advance" estimate released by the Commerce Department Friday.

The department emphasized that the second-quarter advance estimate is based on source data that are incomplete or subject to further revision by the source agency. The "second" estimate for the second quarter, based on more complete data, will be released on Aug. 26.

In corporate news, after Thursday's closing bell, Alphabet Inc. delivered quarterly results that beat market estimates. Shares of Google's parent surged over 4 percent in Friday's early trading.

Shares of Amazon.com Inc. rose about 1 percent in early trading after the e-commerce giant posted better-than-expected quarterly results.

Shortly after the opening bell, the Dow Jones Industrial Average fell 36.60 points, or 0.20 percent, to 18,419.75. The S&P 500 edged down 1.09 points, or 0.05 percent, to 2,168.97. The Nasdaq Composite Index rose 7.35 points, or 0.14 percent, to 5,162.33.

On Thursday, U.S. stocks closed mixed for a third straight day, as investors digested big company quarterly earnings and economic reports. Endi