U.S. Stocks Open Slightly Higher After Second-Quarter GDP

Friday, 26 July 2019 20:46 WIB

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U.S. stocks rose at the opening bell on Friday after the U.S. grew at a 2.1% annualized pace in the second quarter, coming in above analysts' estimates.

The S&P 500 was up 0.3% to around 3,013. The Dow Jones Industrial Average advanced 30 points, or 0.1%, to 27,170. The Nasdaq Composite rose 0.7% to 8,295.

The S&P 500 index, Dow and Nasdaq are on course for weekly gains. The U.S. economy grew at an annualized rate of 2.1% between April and June, slowing from 3.1% in the first three months of the year.

All the same, the second-quarter data stood above analysts' expectations for 1.9% growth. Investors still expect the Federal Reserve to cut interest rates by at least a quarter point in its July 30-31 meeting.

Friday will also see a busy week for earnings come to a close. Shares of Google parent Alphabet Inc. rose 8.8% in premarket trade after the search engine company's earnings and revenues beat expectations.

Source : Market Watch


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