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Markets Right Now: Microsoft leads gains for tech stocks

Last Updated Jul 20, 2018 at 9:40 am PDT

FILE- In this Oct. 24, 2017, file photo, people pass the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Friday, July 20, 2018. (AP Photo/Richard Drew, File)

NEW YORK, N.Y. – The latest on developments in financial markets (all times local):

11:45 a.m.

Stock indexes are edging higher on Wall Street as Microsoft leads gains for the technology sector.

Microsoft rose 2.5 per cent Friday after reporting a strong quarter for its cloud computing division.

Industrial conglomerate Honeywell was also up 4.1 per cent after easily beating analysts’ profit forecasts.

State Street sank 6.8 per cent after delivering weak results and announcing an acquisition.

The S&P 500 index rose 3 points, or 0.1 per cent, to 2,808.

The Dow Jones Industrial Average rose 45 points, or 0.2 per cent, to 25,110. The Nasdaq composite rose 22 points, or 0.3 per cent, to 7,847.

Small-company stocks lagged the rest of the market.

Bond prices fell. The yield on the 10-year Treasury rose to 2.89 per cent.

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9:35 a.m.

Stocks are opening mostly lower on Wall Street as investors react to some disappointing earnings reports.

Banks and industrial companies led the way lower in early trading on Friday.

State Street slumped 7 per cent after missing analysts’ profit forecasts and announcing an acquisition, and General Electric dropped 3 per cent after issuing a weak outlook.

Shoe maker Skechers plunged 26 per cent after missing Wall Street’s earnings estimates.

Microsoft rose 3 per cent after reporting a strong quarter.

The S&P 500 index fell 1 point, less than 0.1 per cent, to 2,802.

The Dow Jones Industrial Average lost 50 points, or 0.2 per cent, to 25,012. The Nasdaq composite rose 10 points, or 0.1 per cent, to 7,833.