(CNBC) U.S. stocks closed mixed Friday, the last trading day of the month, as encouraging earnings from major tech companies offset negative reports from some energy firms and a disappointing GDP report.
In "an economy that's growing but not robustly, you depend on the growth individual companies can provide," said Bruce McCain, chief investment strategist at Key Private Bank. He noted the latest earnings show "tech is a growth environment."
The S&P 500 touched a fresh all-time intraday high in late-morning trade, with telecommunications and utilities leading advancers. Treasury yields fell sharply after the GDP miss.
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As of midday trade, the S&P 500 was on pace to end the week mildly lower, while the Dow Jones industrial average was pacing for weekly declines of more than half a percent. The Nasdaq composite was on pace for a weekly return of more than 1 percent.