LIVE MARKETS-US stocks close the week pointing higher

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U.S. STOCKS CLOSE THE WEEK POINTING HIGHER

Wall Street's three major indexes finished higher on Friday with the Magnificent 7 pulling the heaviest weight in the rally. The Nasdaq composite .IXIC registered its second straight record closing high, marking its 18th finishing record this year.

In the also-ran department, the S&P 500 really tried but just couldn't squeak past its July 28 closing level in the end, missing out by just 0.16 points. The Dow Jones Industrial Average .DJI rose on the day, but ended down a timid 1.86% below its last record close, which was on Dec. 4.

Apple AAPL.O was by far the biggest boost to the S&P 500 on Friday as the stock still appeared to be dining out on a pledge the company made on Wednesday to invest an additional $100 billion in the U.S., potentially allowing it to sidestep tariffs on iPhones. Chief Executive Tim Cook also gifted U.S. President Trump a plaque with a 24-karat gold base. Apple rose 4.2% on the day and 13.3% for the week, marking its biggest weekly gain since 2020.

Speaking of the week, the S&P 500 added 2.4%, while the Nasdaq rose 3.9% and the Dow added 1.3%.

While investors spent the week pinning their hopes onto a more dovish Federal Reserve, the general outlook for the earnings season also improved during the first full trading week of August.

While the latest earnings were a mixed bag, the second-quarter blended growth rate, which includes estimates as well as actual reports, rose to 13.2%, compared with an 11.2% rate just a week ago, according to the latest data from LSEG. All of the S&P 500's 11 major sectors saw some improvement in their Q2 growth outlook during the week. Some of the heftiest improvements were in energy .SPNY, now expected to report an earnings decline of 13.5% versus estimates for a 21% drop on August 1. Communication services .SPLRCL is now expected to show a 49% growth rate up from 43.5% just a week ago.

Don't get too comfortable in your beach chair though. The monthly U.S. consumer price index report, due on Tuesday of next week, may test the market's rally, with some investors saying equities are primed for a potential pullback after rocketing to records.

Here is your closing snapshot for Friday:

(Sinéad Carew)

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