U.S. Stocks Turn Mixed on Weak Q2 GDP, Exxon Mobil Profits Sink

U.S. stocks turned mixed on Friday, as second quarter gross domestic product came in much lower-than-expected.
Author:
Publish date:

U.S. stocks turned mixed on Friday, as second quarter gross domestic product came in much lower-than-expected. The economy grew by 1.2 percent during the quarter, missing estimates of 2.6 percent and slightly higher than the 1.1 percent growth seen during the first quarter, which is traditionally a weak quarter. Consumer spending surged 4.2 percent after a 1.6 percent rise in the first quarter. Businesses spent less in the second quarter, as equipment expenditures slipped 3.5 percent. Exxon-Mobil (XOM) - Get Report shares slipped as lower oil prices continued to hit the oil giant's bottom line, according to its latest financial results released Friday. Earnings of $0.41 a share missed estimates of $0.64 a share and were sharply lower than $1 a share earned during the same quarter a year ago. Revenue slipped 22 percent to $57.69 billion, falling short of the $60.41 billion analysts had expected. United Parcel Service (UPS) - Get Report reported second quarter earnings of $1.43 a share, matching estimates. Revenue of $14.63 billion also met Wall Street's forecasts. TheStreet's Scott Gamm reports from Wall Street.