Investing.com – Gains for Google parent Alphabet (NASDAQ:), Starbucks and T-Mobile powered the S&P 500, the Nasdaq and Nasdaq 100 to new highs on Friday.
The gains were due to strong earnings Thursday for Alphabet (NASDAQ:), up 10%, and Starbucks (NASDAQ:), up 8.9% and the federal government’s approval of T-Mobile (NASDAQ:) deal to merge with Sprint (NYSE:) in a $26 billion deal. T-Mobile climbed 5.6%.
The closed at a record 3,026 with a 0.7% gain. The and indices jumped more than 1% each. All three indexes reached new intraday highs as well.
The was up a more modest 0.2% gain, led by Coca-Cola (NYSE:), up 1.9%, and Procter & Gamble (NYSE:), up 1.7%. Microsoft (NASDAQ:) also hit a new high and ended up 0.8%.
The blue-chip index continued to be held back by continuing weakness in shares of Boeing (NYSE:), which is struggling to get its 737 Max jetliner back into service. The plane has been grounded since March after fatal crashes of the plane in Ethiopia and Indonesia. Boeing was off 0.9%,
The market mostly embraced a Commerce Department report that U.S. gross domestic product grew 2.1% in the second quarter, compared with a 1.8% estimate.
And investors seem to believe that economic growth will push higher if, as expected, the Federal Reserve cuts its key interest rate next week.
Oil prices moved up slightly with crude rising 18 cents to $56.20 a barrel.
Interest rates moved higher as well, with the falling to 2.072% from Thursday’s 2.074%.
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