Stocks rose in a weak rally despite strong earnings from technology giants.
 | FRI, JUL 31, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 425.04 | +40.28 | +10.47% | | MSFT | 205.01 | +1.11 | +0.54% | | INTC | 47.73 | -0.26 | -0.54% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | GE | 6.07 | -0.19 | -3.04% | | F | 6.61 | -0.13 | -1.93% | | AAPL | 425.04 | +40.28 | +10.47% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 425.04 | +40.28 | +10.47% | | AMD | 77.43 | -0.77 | -0.98% | | FB | 253.67 | +19.17 | +8.17% | |
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Big Tech has boosted the stock market since the depths of the coronavirus downturn, but its gangbuster earnings reported late Thursday did not make for a strong rally on Friday. The major indexes rose modestly on Friday. For the week, the Dow Jones Industrial Average posted a small loss, while the S&P 500 and the Nasdaq notched gains. Big Tech's gains were perhaps not enough to overcome the uncertainty other companies face in the pandemic. "No one was doubting any of those companies so the fact they all exceeded expectations isn't exactly shocking," wrote Adam Crisafulli of Vital Knowledge.  Indeed, while expectations where high for technology's biggest players, earnings season didn't go very well for other large companies, including Caterpillar, Chevron, Exxon Mobil and Shake Shack. Stocks linked to economic recovery slid with the latest report on gross domestic product showing a 32.9% plunge and the recent coronavirus counts showing a spike. The economy has been running on stimulus for millions of out-of-work Americans, and that expires this afternoon. Republicans and Democrats remain far apart on terms of a new relief bill, each blaming the other for lack of progress. "We're going in the wrong direction," said White House chief of staff Mark Meadows on Friday. "It is very disappointing." Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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