U.S. stocks opened higher Friday morning in the last day of July after Apple and Amazon delivered strong earnings and Google parent Alphabet and Facebook topped expectations. However the lack of progress in Congress on another financial aid bill, the ongoing rise in coronavirus cases, and Thursday's discouraging labor market data are all factors which may limit gains. The Dow Jones Industrial Average rose 50 points, or 0.2%, at 26,363, the S&P 500 index 0.6% at 3,263, while the technology-heavy Nasdaq Composite Index advanced 1.4% to 10,734. In economic data, personal spending jumped 5.6% in June, the government said Friday, after a revised 8.5% advance in May. Incomes fell 1.1% - somewhat more than expected - owing to reduced federal aid for families. In corporate news, shares of Apple (AAPL), Amazon.com (AMZN), Facebook Inc. (FB) and Google parent Alphabet Inc. (GOOGL)(GOOGL) were trading higher after producing better-than-expected results amid the COVID-19 pandemic.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 31, 2020 09:35 ET (13:35 GMT)
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