Andrew Busa, financial planner at Adviser Investments, has the market analysis for Friday, July 26. Major U.S. stock markets rose on encouraging economic data and strong earnings reports. The Dow Jones Industrial Average, S&P 500 and NASDAQ Composite gained 0.2%, 0.7% and 1.1%, respectively, with the S&P and NASDAQ both hitting new high-water marks. The Bureau of Economic Analysis estimated second-quarter economic growth (GDP) at 2.1%, surpassing the 2.0% figure that analysts had forecast on the back of strong consumer spending. However, this number represents a decline from last quarter’s 3.1%. Also making headlines, Sprint’s stock rose 7% and T-Mobile saw 6% gains after the Justice Department approved the telecom providers’ $26 billion merger.