Stock Market News

Alphabet, Starbucks drive Wall Street to record high.

Robust earnings from Alphabet and Starbucks pushed the S&P 500 and Nasdaq indexes to record highs on Friday, with support from data showing US economic growth slowed less than expected in the second quarter.

The U.S. Commerce Department said GDP increased at an annualised rate of 2.1% in the second quarter, higher than a 1.8% rate forecast by economists polled by Reuters.

The GDP data further solidified wide expectations that the U.S. FederalReserve will cut interest rates at its policy meeting next week. Those expectations have powered a solid run in stocks this month, helping Wall Street scale record levels.

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