Investing.com – Gains for Google (NASDAQ 🙂 parents Alphabet, Starbucks (NASDAQ 🙂 and T-Mobile drives, Nasdaq and to new heights on Friday.
The gains were due to strong earnings on the Alphabet's Thursday (NASDAQ :), up 10%, and Starbucks (NASDAQ :), up 8.9% and the federal government's T-Mobile approval (NASDAQ: $ 26 billion dollars) to team up with Sprint (NYSE :). T-Mobile climbed 5.6%. Sprint rose 7.4%.
It closed on record 3,026 with a gain of 0.7%. The indexes jumped more than 1
There was a more modest 0.2%, led by Coca-Cola (NYSE :), up 2.1%, Procter & Gamble (NYSE :), up 1.74%, and health – Insures UnitedHealth Group (NYSE :), up 1.7%. Microsoft (NASDAQ 🙂 also hit a new intraday height of $ 141.71 and closed 0.8% at record $ 141.34.
The Blue-chip index continued to be held back by continued weakness in the shares of Boeing (NYSE :), which is struggling to get the 737 Max jetliner back in service. The plane has been grounded since March after fatal crashes in the aircraft in Ethiopia and Indonesia, and it is possible that the aircraft would be used again in January.
Boeing had 0.9% distance and pulled 21 points from Friday. It was 8.6% a week.
The market mostly covered a Commerce Department report that US gross domestic product grew 2.1% in the second quarter, compared to an estimate of 1.8%.
But income reports this week turned out to have much more influence.
It was up 1.7% for the week, with Nasdaq up 2.23%. Added 0.14%. For the year, S&P 500 is up 20.7%, with Nasdaq up 25.5% and Dow up 16.6%.
And investors seem to believe that economic growth will push higher if, as expected, the Federal Reserve cuts the key interest rate next week. The Fed decision is due on Wednesday afternoon. Investing.com says it is 100% chance that Fed's federal fund rate will fall to 2% to 2.25%, down from 2.25% to 2.5% now.
The Trump administration has pushed for lower rates to push the value of the dollar lower against major currencies. There was some talk about this week that the administration could sell dollars to push the greenback lower. The one who measures dollars against a basket of currencies is up 25% since late 2009.
Next week has two major news-creating events.
Apple (NASDAQ 🙂 weighs in with fiscal third-quarter results after Tuesday's closing. Analysts asked by Investing.com expect the iPhone manufacturer to report $ 2.09 for a share in earnings from $ 2.16 a year ago, with revenues of $ 53.35 billion, up from a year ago since. Apple shares are up 33% this year after falling 6.7% in 2018 and 30% in the fourth quarter of 2018.
Friday brings July.
Oil prices rose slightly with crude oil, which rose 18 cents to $ 56.20 a barrel. added 7 cents to $ 63.46.
Interest rates were flat to lower, with fall to 2.072% from Thursday's 2.083%.
Winners and losers in
Winners and losers in S&P 500
Universal Health Services (NYSE :), Alphabet (NASDAQ 🙂 and its A shares (NASDAQ :), Starbucks Corporation (NASDAQ 🙂 and Twitter (NYSE:) were among the best performers in the S&P 500.
Floor and carpet manufacturer Mohawk Industries (NYSE 🙂 , oil and gas producer Cabot Oil & Gas (NYSE 🙂 and the semiconductor company Xilinx (NASDAQ 🙂 were among the worst S & P practitioners.
Universal Health Services (NYSE :), Google Parents Alphabet Inc Class A (NASDAQ 🙂 and its A Shares (NASDAQ :), Starbucks Corporation (NASDAQ 🙂 and Twitter (NYSE 🙂 were among the best performers in S&P 500.
Floor and carpet manufacturer Mohawk Industries (NYSE :), oil and gas producer Cabot Oil & Gas (NYSE 🙂 and the semiconductor company Xilinx (NASDAQ 🙂 were among the worst S&P practitioners.