NASDAQ Hits Record High on Google Inc. (GOOG) Earnings, Economic Data

NASDAQ Hits Record HighThe NASDAQ opened higher on Friday July 17th after strong earnings results from Google Inc. (NASDAQ/GOOG, GOOGL) and positive economic data. This could eventually give clues on the timing of an interest rate increase.

The U.S. dollar is heading for its biggest gain since May after economic data increased the possibility of an interest rate hike. In China, the Shanghai Composite Index rose more than three percent as the government is launching a series of moves to rescue financial markets.

In the U.S., the NASDAQ climbed 23 points to 5,191.63, as of 12:00 p.m. E.T., other U.S. indices were trading lower from the previous close.

Top Market News Today

U.S. Consumer Prices Increase in June

The cost of living in the U.S. increased in June for the fifth consecutive month, boosted by increase in rents. The latest economic data would suggest that the interest rate hike is imminent by the end of this year.

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China’s Monetary Policy

China’s biggest banks have released 1.3 trillion yuan ($209.4 billion) to the country’s state-backed margin lender to stop a meltdown in Chinese shares. This is an indication that the government is poised to support the stock market.

Also Read: NASDAQ: Here’s Why Stocks Are Heading Higher Today

Stocks on the move

Google Inc. (NASDAQ/GOOGL)

Shares hit an all-time high following its quarterly report. Google jumped 12% to $653.45 after its profit beat forecasts for the first time in six quarters. The company said it would be more disciplined on spending. Google reported solid gains in mobile and its YouTube video service.

Facebook Inc. (NASDAQ/FB)

As part of its growth strategy, Facebook is testing a way to become a virtual shopping mall. The social network company is experimenting with selling products directly through its Facebook page. Analysts believe the move could represent the next big growth opportunity for the firm.