The Dow and S&P end a 4 Week Win Streak
US stock indices had a mixed session on Friday. This was also the last trading day of the month. Investors get some encouraging earnings from major technology companies which offset warning signs from energy companies and a disappointing gross domestic product (GDP) release.
The world’s largest economy is growing, but not robustly. This means you depend on what growth you get from individual companies and tech companies are a growth environment right now.
The tech heavy Nasdaq Composite finished at an all-time high, a new yearly high and now has a five week long streak of gains. Gains were supported by Alphabet which jumped three percent and Amazon.com which were up 0.8 percent on the day thanks to earnings that beat estimates.
The Dow Jones and S&P Finish Lower for the Week
The S&P 500, the global bellwether for the United States economy, was able to crawl higher for the day but ended lower for the week. This meant that four straight weeks of gains ended. The index did hit a new intraday high as telecommunication and utilities leading the way. However, the index was affected by falling Treasury yields, thanks to a miss with the GDP.
The Dow Jones lost about 24 points on Friday to end the week. Shares of McDonald’s and Goldman Sachs were the biggest losses. The blue chip benchmark lost three quarters of a percent for the week as it, too, snapped four straight weeks of advances.
The stock bourses, in the United States, did have a good month. The three major averages each posted gains for July. The Dow Jones was up 2.8 percent for July as it is now in a six month long streak of gains. This is the blue chip index longest win streak in over three years.
US Stocks, will open up tracking a mixed day out of Asia. European stock markets are due to open this morning as well.