U.S. Stocks Add to Monthly Gain as Alphabet Rallies on Earnings

U.S. stocks edged higher, with the S&P 500 Index capping a fifth monthly gain, after data showing the American economy grew slower than forecast last quarter gave the Federal Reserve no reason to accelerate its time table for higher interest rates. Earnings from Alphabet Inc. boosted technology shares.

The S&P 500 rose 0.2 percent to 2,173.55 at 4 p.m. in New York, closing within two points of its record. The gauge climbed 3.6 percent in July. The Dow Jones Industrial Average fell 0.1 percent to 18,432, a fifth straight loss for the longest slide since June 15. The 30-stock index rose 2.8 percent in July, a sixth consecutive advance. The Nasdaq 100 Index rose 0.2 percent Friday, leaving it 7 percent higher in the month.

The U.S. economy stumbled in the first half of 2016 as companies retrenched, leaving consumers to shoulder the burden of sustaining growth heading into the presidential election. That didn’t deter equity gains, with the S&P 500 overcoming the longest stretch without a record outside of a bear market since 1985 as central banks signaled additional stimulus and corporate earnings topped estimates.

Source : Bloomberg

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U.S. Stocks Fell With Crude Oil While Alphabet Rises on Earnings

U.S. stocks retreated, with the Dow Jones Industrial Average losing more than 260 points, as investors shunned risk assets across the world while oil extended a selloff amid deepening concern that global growth is weakening.

Energy producers and banks were hardest hit, with Chevron Corp. and JPMorgan Chase & Co. falling more than 2.9 percent. Exxon Mobil Corp. dropped 2.6 percent after posting its fifth-straight quarterly profit decline. Class A shares in Google parent Alphabet Inc. rose 3.9 percent after its main business reported profit and sales that topped estimates, putting it on course to surpass Apple Inc. as the world’s most valuable company.

The Standard & Poor’s 500 Index fell 1.7 percent to 1,907.06 at 12:22 p.m. in New York, after closing little changed Monday in a follow-up to its strongest rally in four months. The Dow lost 266.81 points, or 1.6 percent, to 16,182.37. The Nasdaq Composite Index declined 1.6 percent. Trading in S&P 500 shares was 18 percent above the 30-day average for this time of day.

The oil rout and worries about a China slowdown have continued to roil global markets, erasing as much as $ 2.4 trillion from the value of U.S. equities this year. While the S&P 500 recouped some losses in the past two weeks, trimming its worst start to a year since 2009, bearish sentiment has returned. The benchmark is down 10 percent from its all-time high set in May.


Source : Bloomberg