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US Stocks Rise on Solid Reports        07/29 09:29

   Stocks rose in morning trading on Wall Street Thursday as the latest 
government data showed continued economic growth and investors reviewed another 
batch of mostly positive corporate earnings reports.

   (AP) -- Stocks rose in morning trading on Wall Street Thursday as the latest 
government data showed continued economic growth and investors reviewed another 
batch of mostly positive corporate earnings reports.

   Investors are also awaiting the market debut of online brokerage Robinhood, 
which has priced its IPO at $38 per share. The company and other online 
brokerages rattled Wall Street earlier this year when investors used the 
platforms to drive up stock prices to seemingly unreasonable levels for "meme" 
stocks like GameStop.

   The S&P 500 index rose 0.4% as of 9:55 a.m. Eastern time. The Dow Jones 
Industrial Average rose 123 points, or 0.4%, to 35,052 and the Nasdaq rose 0.3%.

   The gains were broad, with about 90% of the stocks in the benchmark S&P 500 
rising. Technology companies made some of the biggest gains, along with a wide 
range of retailers and other consumer-oriented companies.

   Facebook fell 3.9% and weighed down the communications sector after it 
warned of slower growth through the rest of the year.

   The yield on the 10-year Treasury note edged higher to 1.27% from 1.26% late 
Wednesday.

   A government report helped ease some concerns on Wall Street about the pace 
of the economic recovery. The Commerce Department said the U.S. economy grew at 
a solid 6.5% annual rate last quarter. The total size of the economy has now 
surpassed its pre-pandemic level. It also revised its figures for 2020, showing 
that the economy contracted by a slightly smaller amount than previously 
reported.

   Investors were also given encouraging news on the broader employment 
picture, which has tended to lag the rest of the recovery. Claims for 
unemployment benefits dropped by 24,000 to 400,000 last week, the Labor 
Department reported.

   The upbeat economic data follows the Federal Reserve's statement on 
Wednesday signaling that it will keep its support measures for the economy 
intact.

   Yum Brands, which owns KFC and Taco Bell, rose 3.7% after strong customer 
demand helped it handily beat Wall Street's profit and revenue forecasts. Ford 
rose 5.3% after it reported a surprise second-quarter profit on sales of its 
pickup trucks and SUVs.

 
 
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