U.S. Stocks Climb Toward Record on GDP, Jobs Data: Markets Wrap

GDP data show strong consumer spending in second quarter
Facebook weighs on Nasdaq 100 after cautious outlook

WATCH: Capital Link CEO McGonegal discusses why markets are struggling with the uncertainty surrounding Chinese-listed stocks.Source: Bloomberg

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By Richard Richtmyer and Vildana Hajric

July 28, 2021 at 10:15 PM UTC

Updated on

July 29, 2021 at 8:41 PM UTC

This article is for subscribers only.

U.S. equities rose toward all-time highs as the latest read on the economy eased concerns about inflation and the Federal Reserve scaling back its ultra-accomodative policies.

All of the main American stock indexes advanced, with the S&P 500 and Dow Jones Industrial Average touching records. Ford Motor Co. rallied after a surprise profit. Facebook Inc. weighed on the Nasdaq 100 after the social-media company gave a cautious outlook. And Amazon.com Inc. fell in extended trading after its sales forecast fell short, pulling futures in the Nasdaq 100 lower.