Fri, 24 Sep 2021

NEW YORK, July 23 (Xinhua) -- U.S. stocks finished higher on Friday, buoyed by an upward momentum in the communication services sector.

The Dow Jones Industrial Average rose 238.20 points, or 0.68 percent, to 35,061.55. The S&P 500 was up 44.31 points, or 1.01 percent, to 4,411.79. The Nasdaq Composite Index increased 152.39 points, or 1.04 percent, to 14,836.99.

Ten of the 11 primary S&P 500 sectors ended in green, with communication services up 2.91 percent, outpacing the rest. Energy slipped 0.64 percent, the lone declining group.

A slew of strong earnings reports contributed to market optimism. Twitter shares rose after the U.S. social media company reported large growth in users and ad sales for the second quarter. Shares of Snap, another tech name, jumped nearly 24 percent on its better-than-expected quarterly earnings.

On the data front, Flash U.S. Composite PMI (Purchasing Managers' Index) fell to 59.7 in July from 63.7 in June, London-based information provider IHS Markit reported on Friday.

"Manufacturers registered a slight acceleration in the pace of expansion in production, but service providers recorded a further loss of growth momentum amid labour shortages," said the report.

U.S.-listed Chinese companies traded mostly lower with nine of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

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