The US markets settled in green on Friday as investors welcomed strong corporate earnings, government approval of the T-Mobile and Sprint merger, and better-than-expected economic growth. Alphabet, Twitter reported better than expected second quarter earnings. The US Justice Department officially approved the merger between T-Mobile US Inc and Sprint Corp provided the wireless carriers divest assets to Dish Network Corp. Besides, US economic growth slowed in the second quarter but still exceeded street estimates, according to a report released by the Commerce Department. The Commerce Department said real gross domestic product climbed by 2.1 percent in the second quarter following the 3.1 percent jump in the first quarter. Street had expected the pace of GDP growth to slow to 1.9 percent.
The stronger than expected GDP growth was partly due to a substantial acceleration in the pace of growth in consumer spending, which soared by 4.3 percent in the second quarter after rising by 1.1 percent in the first quarter. A 7.9 percent spike in federal government spending also contributed to the GDP growth along with a 3.2 percent increase in state and local government spending. Meanwhile, the Commerce Department said negative contributions from private inventory investment, exports, non-residential fixed investment and residential fixed investment limited the upside. The report also said imports, which are a subtraction in the calculation of GDP, inched up by 0.1 percent in the second quarter after tumbling by 1.5 percent in the first quarter.
Dow Jones Industrial Average gained 51.47 points or 0.19 percent to 27192.45, Nasdaq surged 91.67 points or 1.11 percent to 8330.21 and S&P 500 was up by 22.19 points or 0.74 percent to 3025.86.
Start Research-backed Investing ...Now. Subscribe to Sapphire
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: