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Stocks erased early losses Thursday, gaining after solid earnings reports and a fall in pharmaceutical stocks. The dollar and Treasury yields inched higher after weaker-than-expected economic data.
Here's the scoreboard:
Dow Jones industrial average: 24,215.75 +98.16 (+0.41%)
S&P 500: 2,715.47 15.84 (+0.59%)
- In its latest healthcare venture, Amazon announced a deal to buy an online pharmacy. The e-commerce giant's acquisition of PillPack, a Boston company that focuses on customers who take multiple daily prescriptions, rattled other pharma companies.
- President Donald Trump and Russian President Vladimir Putin are expected to meet July 16 in Finland. Some have been skeptical at the prospect of such a meeting, which is expected to take place next month, after alleged Russian meddling in the 2016 election and amid tensions between the US and its allies.
- Eurozone economic sentiment fell to a 10-month low in May, but business confidence remained steady. Economists have warned the ongoing trade fight between the EU and the US will weigh on growth.
- The US economy grew in the first quarter at a slower pace than previously expected. Downward revisions to spending on services and inventory investment dragged GDP to 2%, the Commerce Department said, down from previous estimates of 2.2% growth.
And a look at the upcoming economic calendar:
- Current account, GDP, and net lending numbers are out in the UK.
- Consumer spending data are released in the US.
- The EU continues its economic summit in Brussels.
- Canada reports GDP.