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Apple soars to record | Congress stalled on relief bill | Stocks finish higher

Email sent: Jul 31, 2020 4:34pm

Is this your brand on Milled? You can claim it.

Stocks rose in a weak rally despite strong earnings from technology giants.

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FRI, JUL 31, 2020

EVENING BRIEF
 

AS OF FRI, JUL 31, 2020 • 04:33 ET

DJIA 26428.32
+0.44% +114.67
S&P 500 3271.12
+0.77% +24.90
NASDAQ 10745.28
+1.49% +157.46

 

Most Active
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%

EDITOR'S NOTE

 
 

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.

Image

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."

 

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