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Stocks took a summer Friday in trading as the market barely budged.
All three major US stock indexes finished less than 0.1% from where they started the day despite a slew of US economic data coming out.
We’ve got all the headlines, but first, the scoreboard:
Dow: 21,080.28 -2.67, (-0.01%) S&P 500: 2,415.82, +0.75, (+0.03%) Nasdaq: 6,210.19, +4.94, (+0.08%) US 10-year yield: 2.250%, -0.005 WTI crude oil: $49.81, +0.91, (+1.89%)
The second print of first quarter GDP beat. The US economy grew by 1.2% in the first quarter, better than initially reported. Economists had estimated that gross domestic product rose by 0.9%, improved from the advance estimate of 0.7%. The final revision for the quarter will come in June. Trump threatened to cut off auto sales from Germany. Trump said he would stop German automakers from selling “millions of cars” in the US, German media outlet Der Spiegel reported, calling Germans “very bad” on trade. Spiegel reports that it learned of Trump’s comments from participants in the meeting. Economic adviser Gary Cohn later confirmed the remarks. US durable goods order whiffed. The measure of purchases of goods designed to last dropped in April for the first time in five months. Durable goods orders fell 0.7% in April after rising 2.3% in March. The downturn was the first since durable goods orders fell 4.6% in November. The Baker Hughes oil rig count increased to 722. The increase by two rigs marked the 19th straight weeks of increases for the measure. Combined rigs ticked up to 908. Traders are off Monday in observance of Memorial Day. US stock markets will be closed on Monday, the UK is also off for a bank holiday.