S&P 500 dented by earnings; Dow hits record high
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The S&P 500 slipped on Friday on negative reactions to earnings reports from high-profile names such as Amazon, Exxon and Starbucks and a drop in shares of tobacco companies.
The Dow industrials, however, set a record high, buoyed by Chevron after the energy company’s results.
Despite Friday’s share reactions, results overall have come in better than expected for the second quarter and stocks are trading near record highs.
More than halfway through reporting season, S&P 500 companies are on track to increase earnings by 10.8 percent.
Investors were also digesting data showing the US economy accelerated in the second quarter as consumers ramped up spending and businesses invested more in equipment.