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U.S. stocks end mixed after GDP report

Xinhua, July 30, 2016 Adjust font size:

U.S. stocks closed mixed for a fourth straight day Friday, as the advance estimate on the country's second-quarter economic growth came in worse than expected.

The Dow Jones Industrial Average fell 24.11 points, or 0.13 percent, to 18,432.24. The S&P 500 rose 3.54 points, or 0.16 percent, to 2,173.60. The Nasdaq Composite Index added 7.15 points, or 0.14 percent, to 5,162.13.

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 (GOOGL) surged 3.33 percent to 791.34 U.S. dollars apiece Friday.

Shares of Amazon.com Inc. rose 0.88 percent to 759.21 dollars apiece after the e-commerce giant posted better-than-expected quarterly results.

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 3.7 percent year on year, while the revenues are forecast to decline 1.2 percent.

For the week, the Dow fell 0.7 percent, and the S&P 500 edged down 0.1 percent, while the Nasdaq gained 1.2 percent. Enditem