Markets Right Now: Stocks are closing at fresh record highs

Associated Press
FILE - In this March 11, 2019, file photo trader John Panin, right, works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Friday, April 26. (AP Photo/Richard Drew, File)

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4:00 p.m.

Stocks are closing at a fresh all-time high on Wall Street Friday, as investors weighed a report showing solid U.S. economic growth.

Gains in financial, health care and other sectors offset losses in energy companies as the price of U.S. crude oil slumped for the third straight day.

Exxon fell 2.1% after its quarterly profit and revenue missed Wall Street expectations.

Intel fell 9% after it gave a cautious outlook for the full year. Other chipmaker stocks slumped as well.

Those results were offset by a report showing the economy grew at a solid 3.2% in the first three months of the year, compared with 2.2% in the fourth quarter.

The S&P 500 index rose 13 points, or 0.5%, to 2,939.

The Dow Jones Industrial Average gained 81 points, or 0.3%, to 26,543. The Nasdaq gained 27 points or 0.3% to 8,146.

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11:50 a.m.

Stocks are mostly higher on Wall Street at midday Friday, although some weak corporate earnings are weighing on investor sentiment.

Exxon fell 3% after its quarterly profit and revenue missed Wall Street expectations. That, along with a sharp decline in oil prices, helped sink energy stocks.

Intel fell 9.8% after it gave a cautious outlook for the full year. Other chipmaker stocks slumped as well.

Those results were offset by a report showing the economy grew at a solid 3.2% in the first three months of the year, compared with 2.2% in the fourth quarter.

The S&P 500 index rose 4 points, or 0.2%, to 2,930.

The Dow Jones Industrial Average gained 29 points, or 0.1%, to 26,491. The Nasdaq slipped 2 points to 8,116.

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9:35 a.m.

Stocks are opening lower Friday after weak earnings reports offset a report showing solid growth in the U.S. economy.

The economy grew at a solid 3.2%, the Commerce Department said, compared with 2.2% in the fourth quarter.

Some earnings news disappointed investors. Intel gave a cautious outlook for the full year. Its stock fell 9.3% and dragged down other chipmaker stocks.

Exxon Mobil fell 2.2% after both profit and revenue came up short of Wall Street expectations.

The S&P 500 index fell 4 points, or 0.2%, to 2,921.

The Dow Jones Industrial Average lost 44 points, or 0.2%, to 26,417. The Nasdaq fell 40 points, or 0.5%, to 8,077.

Bond prices rose after the economic report. The yield on the 10 year Treasury fell to 2.49%.