Stocks finished higher Friday. The Dow added 81 points to 26,543, while the S&P 500 gained 0.5% to 2,939. The Nasdaq Composite climbed 0.3% to 8,146.
The S&P 500 and Nasdaq Composite each closed at fresh record highs as investors assessed economic updates and corporate earnings releases. On the data front, the initial U.S. GDP reading showed the American economy grew at a 3.2% clip in the first quarter, well above the expected 2.3% increase and the best January-March performance since 2014. Treasuries strengthened, with the yield on the benchmark 10-year note off three basis points to 2.50%. The decline in yields came as domestic demand growth in the first-quarter slowed to the lowest level since the second quarter of 2013.
Nine of 11 S&P 500 sectors finished in positive territory with Health Care stocks pacing the gains. Energy lagged with WTI crude tumbling 3.8% to $62.74/barrel. Exxon Mobil was another headwind for the group, with the oil-giant losing 2.1% to $80.49 after missing analyst earnings estimates due to narrower-than-anticipated refining margins. Tech shares also underperformed with Intel slumping 9.0% to $52.43 after lowering its full-year guidance citing headwinds in China. In other earnings, Amazon gained 2.5% to $1950.63 after topping Wall Street profit estimates and announcing one-day Prime shipping in the U.S.
Breadth was positive on issues by 3:1 on the NYSE and by 2:1 on the Nasdaq. Composite NYSE Volume was more than 3.2 billion shares.
For the week, the S&P 500 added 1.2% while the Nasdaq jumped 1.9%. The Dow slipped 0.1%.