By Trevor Hunnicutt
NEW YORK, July 27 (Reuters) – World shares were little changed on Friday as mixed corporate profits and economic data that met expectations struggled to offset concerns over trade and central bank policy, though a key global equity index was still set for a fourth week of gains.
The MSCI All-Country World Index, which tracks shares in 47 countries, was up just 0.07 percent and set for a sixth session of gains, a run not seen since February, as well as its fourth weekly advance.
From Europe to the United States, investors surveyed a host of corporate results and rewarded the strong performances, from the Spanish bank BBVA – which gained 1.4 percent, to Amazon.com Inc, which touched a record high after its profit doubled Wall Street estimates. Amazon shares were up nearly 2 percent in late morning trading.
Other companies were punished for disappointing results, including Intel Corp, which was down 8 percent in late morning trading after its fast-growing data center business missed estimates.
Data showed the U.S. economy grew at its fastest pace in nearly four years in the second quarter, as consumers boosted spending and farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July.
“We’re getting good growth and still very low inflation,” said Joe LaVorgna, chief economist for the Americas at French bank Natixis.
But the economic growth figures were widely expected.
The Dow Jones Industrial Average rose 9.92 points, or 0.04 percent, to 25,536.99, the S&P 500 lost 5.61 points, or 0.20 percent, to 2,831.83 and the Nasdaq Composite dropped 44.29 points, or 0.56 percent, to 7,807.89.