Investing.com – Gains for Google parent Alphabet (NASDAQ:), Starbucks and T-Mobile powered the S&P 500, the Nasdaq and Nasdaq 100 to new highs on Friday.
The gains were due to strong earnings Thursday for Alphabet (NASDAQ:), up 10%, and Starbucks (NASDAQ:), up 8.9% and the federal government’s approval of T-Mobile (NASDAQ:) $26-billion deal to merge with Sprint (NYSE:). T-Mobile climbed 5.6%. Sprint rose 7.4%.
The closed at a record 3,026 with a 0.7% gain. The and indices jumped more than 1% each. All three indexes reached new intraday highs as well.
The was up a more modest 0.2%, led by Coca-Cola (NYSE:), up 2.1%, Procter & Gamble (NYSE:), up 1.74% and health-insurer UnitedHealth Group (NYSE:), up 1.7%. Microsoft (NASDAQ:) also hit a new intraday high of $141.71 and closed up 0.8% at a record $141.34.
The blue-chip index continued to be held back by continuing weakness in shares of Boeing (NYSE:), which is struggling to get its 737 Max jetliner back into service. The plane has been grounded since March after fatal crashes of the plane in Ethiopia and Indonesia, and it’s possible the plane would go back into service until January.
Boeing was off 0.9% and subtracted 21 points from the on Friday. It was off 8.6% on the week.
The market mostly embraced a Commerce Department report that U.S. gross domestic product grew 2.1% in the second quarter, compared with a 1.8% estimate.
But earnings reports this week proved to have much more influence.
The was up 1.7% for the week, with the Nasdaq up 2.23%. The added 0.14%. For the year, the S&P 500 is up 20.7%, with the Nasdaq up 25.5% and the Dow up 16.6%.
And investors seem to believe that economic growth will push higher if, as expected, the Federal Reserve cuts its key interest rate next week.
Oil prices moved up slightly with crude rising 18 cents to $56.20 a barrel. added 7 cents to $63.46.
Interest rates were flat to lower, with the falling to 2.072% from Thursday’s 2.083%.
Winners and losers in the
Universal Health Services (NYSE:), Google parent Alphabet Inc Class A (NASDAQ:) and its Class C shares (NASDAQ:), Starbucks Corporation (NASDAQ:) and Twitter (NYSE:) were among the top performers in the S&P 500.
Flooring-and-carpet manufacturer Mohawk Industries (NYSE:), oil-and-gas producer Cabot Oil & Gas (NYSE:) and semiconductor company Xilinx (NASDAQ:) were among the worst S&P performers.
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