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U.S. stocks trade mixed around midday after GDP report

Xinhua, July 30, 2016 Adjust font size:

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

By midday, the Dow Jones Industrial Average edged down 5.80 points, or 0.03 percent, to 18,450.55. The S&P 500 rose 4.88 points, or 0.22 percent, to 2,174.94. The Nasdaq Composite Index added 15.79 points, or 0.31 percent, to 5,170.77.

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.

On other economic news, the final reading of consumer sentiment index published by Thomson Reuters/University of Michigan came in at 90.0 for July, missing market consensus.

In corporate news, after Thursday's closing bell, Alphabet Inc. delivered quarterly results that beat market estimates. Shares of Google's parent surged nearly 5 percent around midday Friday.

Shares of Amazon.com Inc. rose over 1 percent around midday after the e-commerce giant posted better-than-expected quarterly results.

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