New York: US equities closed higher as the market’s sentiment was lifted by a batch of stronger-than-expected earnings reports.
The Dow Jones Industrial Average increased 51.47 points, or 0.19 percent, to 27,192.45 on Friday. The S&P 500 was up 22.19 points, or 0.74 percent, to 3,025.86. The Nasdaq Composite Index advanced 91.67 points, or 1.11 percent, to 8,330.21, Xinhua reported.
Nine of the 11 primary S&P 500 sectors rose, with communication services up 3.25 percent at the close, outpacing the rest. Energy and industrials fell 0.5 percent and 0.17 percent, respectively, the only two decliners among the groups.
Google-parent Alphabet reported better-than-expected earnings late Thursday. The shares surged during Friday’s session, with the Class A and Class C up 9.62 percent and 10.45 percent, respectively, at the close.
The Twitter stock climbed 8.92 percent after the social media company delivered quarterly results that topped Wall Street’s estimates.
Starbucks shares rose 8.94 percent on stronger-than-anticipated earnings, also contributing to market gains.
So far, more than 40 percent of S&P 500 companies has reported quarterly earnings. Of those companies, 76.4 percent have posted a stronger-than-expected profit, according to data from FactSet.
On the economic front, U.S. gross domestic product P) grew at a 2.1-per cent annual rate in the second quarter, decelerating from the 3.1 percent expansion in the previous quarter, data released Friday by the US Department of Commerce showed. The reading was better than the 1.8 percent consensus.