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S&P hits fresh intraday record; telecoms lead

U.S. stocks traded mostly higher Friday, the last trading day of the month, as investors eyed oil prices, mixed earnings reports and a disappointing GDP print.

The S&P 500 touched a fresh all-time intraday high in late-morning trade, with telecommunications and utilities leading advancers. Treasury yields fell after the GDP miss, with the 2-year yield around 0.66 percent and the 10-year yield near 1.46 percent as of 2:43 p.m. ET.

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.

Last Friday, the three major indexes posted their first four-week win streak since their five-week win streak ended mid-March. For the month, the major averages are on pace for solid gains.

The Nasdaq composite outperformed, helped by gains of more than 4 percent in shares of Alphabet and 1.5 percent in after both firms reported earnings Thursday that beat on both the top and bottom line.

U.S. crude oil futures traded about half a percent higher above $41 a barrel, holding earlier gains after the weekly rig count showed a fifth-straight weekly increase. Earlier, WTI briefly dipped below its 200-day moving average of $40.70 that traders identify as a support area.

The energy sector came well off earlier losses of 1.5 percent to trade about 0.05 percent lower.

Exxon Mobil posted earnings that badly missed expectations. The stock traded 2 percent lower for the greatest negative impact on the Dow.

In late-morning trade, Chevron came well off session lows to trade a touch lower. The...