Andrew Busa, financial planner at Adviser Investments, has the market analysis for Friday, July 26. Major U.S. stockA financial instrument giving the holder a proportion of the ownership and earnings of a company. 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.