TOP STORIES 
 
U.S. GDP EXPANDS AT A DISAPPOINTING 1.2% 

U.S. economic growth sputtered this spring-growing a meager 1.2% in the second quarter-with cautious business investment largely offsetting more robust consumer spending.

U.S. STOCKS INCH HIGHER 

U.S. stocks edged mostly higher, putting the S&P 500 on track to end the week near where it began.

LOW CRUDE PRICES HAMMER BIG OIL COMPANIES 

Exxon Mobil Corp. saw profit fall 60%, and Chevron reported a third-straight quarterly loss on Friday, capping off a week of lackluster results for the biggest Western oil companies and underscoring the continued challenge they face as crude prices fall to just above $40 a barrel.

BANK OF JAPAN TAKES MODEST ACTION 

The BOJ said it would expand only its buying of exchange-traded funds, a move that disappointed investors and indicated it may have reached the limits of monetary policy.

SABMILLER BOARD BACKS AB INBEV'S HIGHER OFFER 

SABMiller's board backed AB InBev's increased offer, ending a threat that jeopardized the more than $100 billion combination of the world's largest brewers.

FED'S WILLIAMS SAYS THE ECONOMY IS LIKELY TO SUPPORT RATE RISES 

San Francisco Fed President John Williams said higher short-term interest rates are likely in the U.S. economy's future.

U.S. CONSUMER SENTIMENT FELL IN JULY 

A gauge of U.S. consumer sentiment dropped in July-as the University of Michigan survey fell to 90.0 from June's 93.5-in a sign that global economic uncertainty could ripple through domestic spending.

ABBVIE RESULTS BOOSTED BY HUMIRA, PIPELINE GROWTH 

Drugmaker AbbVie Inc. lifted its profit forecast for the year Friday after second-quarter results easily topped expectations, boosted by its growing pipeline and higher sales of its anti-inflammatory drug Humira.

NEXTERA TO BUY ENERGY FUTURE'S ONCOR IN $18.4 BILLION DEAL 

NextEra Energy agreed to buy Energy Future's stake in Oncor, in a deal that values the electricity transmissions business at $18.4 billion and could end Energy Future's stay in chapter 11 bankruptcy.

MERCK REVENUE RISES ON CANCER, HEPATITIS TREATMENTS 

Merck posted an unexpected increase in revenue as new cancer and hepatitis treatments bolstered results.

AUTONATION HITS RECORD EPS, BUT COUNSELS CAUTION 

AutoNation Inc., benefiting from continued growth in demand for higher margin trucks and sport-utilities, will continue pairing back inventory levels as the wider auto industry braces for a plateauing of U.S. light-vehicle sales after six years of uninterrupted growth.

XEROX POSTS HIGHER-THAN-EXPECTED PROFIT 

Xerox said its profit rose more than expected in the latest period, helped by falling expenses as the company plows ahead with its planned separation.

U.S. EMPLOYMENT COSTS UP 0.6% IN SECOND QUARTER 

Employers' personnel costs rose modestly during the spring, the latest reminder of slow income growth during the recovery.

ARCELORMITTAL EARNINGS BEAT EXPECTATIONS 

ArcelorMittal reported its best quarter in five years as steel markets in the U.S. and Europe improved thanks to new protective import tariffs, stronger demand and shrinking inventories.

U.S. ASKS PHILIPPINES TO HELP BANGLADESH FIND STOLEN FUNDS 

U.S. central bankers have asked their counterparts in the Philippines to help Bangladesh recover $81 million in stolen funds.

FUEL COSTS CURB UPS PROFIT RISE 

UPS reported profit rose 3.2% in the latest period, though higher fuel costs cut into climbing revenue from its U.S. and international package deliveries.

EUROZONE ECONOMY SLOWED IN SECOND QUARTER 

The eurozone economy slowed in the three months to June, largely driven by a weaker-than-expected performance in France.

BARCLAYS PROFIT FALLS BUT INVESTORS CHEER PROGRESS ON REVAMP 

Barclays posted a sharp fall in first-half profit on asset sales and putting cash side to cover an uptick in bad loans but shares rose as investors welcomed progress on its turnaround.

UBS PROFIT BEATS FORECASTS BUT OUTLOOK GLOOMY 

Swiss bank UBS gave a gloomy outlook for its future even though it posted a second-quarter profit that exceeded expectations, citing uncertainty and turbulent markets.

SONY REPORTS SURPRISE PROFIT 

The $206 million April-June profit defied analysts' expectations for a loss due to weak image-sensor sales and the costs from recent earthquakes.

 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
Election 2016 
CLINTON PITCHES HER PLAN FOR AMERICA 
 

Hillary Clinton accepted the Democratic Party's nomination for president, casting herself as a unifying leader whose steadiness and judgment stands in sharp contrast with her opponent.

 
U.S. News 
FOUR ZIKA CASES LIKELY CAME FROM U.S. MOSQUITOES, GOVERNOR SAYS 
 

Florida Gov. Rick Scott said Friday that four people in the Miami area are likely the first to have been infected with Zika by mosquitoes in the continental U.S.

(END) Dow Jones Newswires

July 29, 2016 12:58 ET (16:58 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.