U.S. stocks closed lower Friday following disappointing results from Twitter Inc. and bellwethers, including Exxon and Intel. The highly-anticipated release of gross domestic product data also showed that economic growth remains relatively strong but came in a shade below lofty expectations.
How did the main benchmarks fare?
The Dow Jones Industrial Average DJIA, -0.30% slid 76.01 points, or 0.3%, to 25,451.06. The S&P 500 index SPX, -0.66% shed 18.62 points, or 0.7%, to 2,818.82 with seven of its 11 sectors lower as the technology sector sank 2%. The Nasdaq Composite Index COMP, -1.46% fell 114.77 points, or 1.5%, to 7,737.42.
For the week, the Dow added 1.6%, the S&P 500 rose 0.6%, and the Nasdaq fell 1.1%. Both the Dow and the S&P posted their fourth straight weekly gains, the longest such streak since January.
What drove the markets?
Consumers and government spending powered the economy to a 4.1% rate of gross domestic product growth in the second quarter, the fastest pace of growth in almost four years, although it was slightly below the 4.2% rate predicted, on average, by economists surveyed by MarketWatch.
Separately, consumer sentiment fell to a six-month low in July, the University of Michigan said, but came inslightly better than expected.
In a bright spot for company news, Amazon.comInc. AMZN, +0.51% gained 0.5% after the e-commerce company posted not only its biggest quarterly profit in history, but earnings that were double what was expected. The company extended its strong year-to-date rally and hit new records. It is up 55% thus far in 2018, playing a key role in boosting the market.