Investing.com – Wall Street opened near record highs on Friday after upbeat earnings from McDonald’s (NYSE:MCD) and Twitter (NYSE:TWTR), while GDP in the second-quarter slowed less than expected.
The Dow rose 51 points, or 0.2%, by 9:46 AM ET (13:46 GMT), while the S&P 500 was up 11 points or 0.4% and the Nasdaq composite jumped 42 points or 0.5%.
Second-quarter gross domestic product (GDP) increased 2.1% from 3.1% in the first quarter, compared to estimates for 1.8% growth. Consumer spending rose 4.3%, while exports dropped 5.2% and imports inched up just 0.1%, indicating trade tensions between the U.S. and China are weighing on expansion.
McDonald’s (NYSE:MCD) was up 1.8% after it reported 5.7% same-store sales growth in the U.S. in the second quarter, which was above expectations. Twitter (NYSE:TWTR) jumped 8.3% after it reported an 18% jump in revenue during the second quarter, with diluted earnings per share of $1.43 on net income of $1.1 billion.
Alphabet (NASDAQ:GOOGL) rose after its second-quarter earnings beat forecasts, while Starbucks (NASDAQ:SBUX) opened at a new all-time high after posting its strongest comparable sales in three years.
Elsewhere, Tesla (NASDAQ:TSLA) fell 2% as it continued to be hit by a disappointing earnings report, while Amazon.com (NASDAQ:AMZN) slumped 2.1% after its profit missed consensus and it said income would slump in the third quarter due to increased spending on one-day delivery, raising the cost of sales.
In commodities, crude oil rose 0.1% to $56.10 a barrel while gold futures gained 0.6% to $1,422.85 a troy ounce. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.1% to 97.667.