Stocks finished the week strong, with both the S&P 500 and Nasdaq closing at record highs following a strong GDP report. First-quarter GDP was 3.2%, topping analysts' estimates of 2.5%.
closed at record highs on Friday as better-than-expected economic data offset a mixed batch of corporate earnings.
Traders and financial professionals work ahead of the closing bell on the floor of the New York Stock Exchange."The economic expansion will set new records for longevity in July and it looks like there is no stopping this economy," said Chris Rupkey, chief financial economist at MUFG, in a note.
"The burden of proof is fairly high," said Eric Wiegand, senior portfolio manager at U.S. Bank Wealth Management. "Investors' appetite for companies that either disappoint or offer lower guidance on a go-forward basis tends to be met with a pretty sharp reaction."Amazon shares closed 2.5% higher after results topped expectations on Thursday andFord Motor, meanwhile, jumped 10.
The S&P 500 and Nasdaq posted solid gains this week after more than 140 companies released their quarterly reports. The two indexes gained 1.2% and 1.9%, respectively. The Dow, meanwhile, posted a slight weekly loss.
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