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US stocks close higher
US stocks close higher

New York, July 27 (TIWN) US equities closed higher as market's sentiment was lifted by a batch of stronger-than-expected earnings reports.

Stocks and U.S. government bond prices notched gains after data released early Friday showed that the gross domestic product grew at a 2.1% annual rate in the second quarter, the Commerce Department said, narrowly above the 2% expected by economists surveyed by The Wall Street Journal. The figure was boosted by U.S. shoppers. Consumer spending, which makes up more than two-thirds of the economy, recorded the strongest pace of growth since late 2017.  “The report should give people comfort...that the consumer is doing well,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. “The U.S. economy continues to be on a stronger footing than the rest of the world.”

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