NEW YORK (AP) – The latest on developments in financial markets (All times local):
12:30 p.m.
Technology companies are leading a stock market rally at midday as investors applaud third-quarter reports from big names including Microsoft and Google’s parent company Alphabet.
Investors also cheered a report Friday that showed the U.S. economy grew by a stronger than expected 3 percent in the third quarter.
Microsoft rose 7.2 percent and Alphabet jumped 6.1 percent.
Online retailer Amazon soared 13.1 percent. Traditional retailers plunged after department store J.C. Penney cut its forecasts. It fell 15.8 percent and Macy’s lost 7.2 percent.
The Standard & Poor’s 500 index gained 19 points or 0.7 percent, to 2,579.
The Dow Jones industrial average rose 31 points, or 0.1 percent, to 23,433. The Nasdaq composite is up 131 points, or 2 percent, to 6,698.
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9:40 a.m.
Stocks are mixed at the open thanks to solid quarterly earnings from technology companies as Microsoft, Intel and Alphabet.
Investors also cheered a report Friday that showed the U.S. economy grew by a stronger than expected 3 percent in the third quarter.
Microsoft rose 7.9 percent and Alphabet, Google’s parent company, jumped 5.8 percent. Online retailer Amazon soared 9.2 percent.
But major stock indexes were mixed as energy companies lost ground. Chevron lost 3.5 percent.
The Standard & Poor’s 500 index gained 6 points or 0.2 percent, to 2,567.
The Dow Jones industrial average fell 38 points, or 0.2 percent, to 23,363. The Nasdaq composite is up 71 points, or 1 percent, to 6,629.
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