A rally by Alphabet and Amazon powered the S&P 500 to another record intraday high on Friday. Fred Katayama reports.
The S&P 500 inched higher to hit another record intraday high. A rally by a pair of tech titans offset poor results from Big Oil and weak economic data. For the month, the major indexes powered higher, led by the Nasdaq. U.S. Bank's Eric Weigand: SOUNDBITE: ERIC WEIGAND, SENIOR PORTFOLIO MANAGER, PRIVATE CLIENT RESERVE, U.S. BANK, (ENGLISH) SAYING: "We continue to be cautious because, you know, certainly from a valuation perspective, the markets would appear to be priced to perfection at this point." The U.S. economy grew at a 1.2 percent rate in the second quarter. That was less than half of what economists had expected. A sharp inventory drawdown weighed on growth. That weak U.S. data and investor disappointment over the Bank of Japan's stimulus expansion measures sent the dollar sharply down against the yen. The slump in crude oil prices slammed Big Oil's quarterly results. Exxon's profit fell by about 60 percent. Chevron posted its biggest loss in 15 years. Alphabet and Amazon helping lift the Nasdaq. Google's parent reported after the close Thursday that profit shot up 24 percent on surging ad revenue. Amazon's growing cloud business helped profit jump nine-fold. Investors pulling their bets on Wynn Resorts. The casino operator's shares slid after its Macau resort got just half of the permits for gaming tables that analysts had expected. In Europe, a rally in financial services stocks helped lift the markets.