Monday 1 August 2016

Tech Shares and Muted GDP Growth push S&P 500 to Record

Wall Street rose on Friday, with the S&P 500 index hitting a record intraday high for the seventh time this month as gains in technology heavyweights Alphabet and Amazon more than made up for losses in energy shares. The benchmark index rose as much as 0.3 percent, touching an all-time high of 2,177.09, and completed its fifth straight month of gains. 

Shares of Google parent Alphabet jumped 3.33 percent a day after the Internet company posted strong quarterly revenue growth, while online retailer Amazon.com touched a record high after giving an upbeat forecast for the current quarter. 

Alphabet contributed the most to gains on the Nasdaq and the S&P 500. However, the Dow was dragged down by a 1.48 percent drop in McDonald's and a 1.39 percent fall in Exxon, which reported a lower-than-expected quarterly profit. The stock was the top percentage loser on that index.


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