The major averages closed out a busy week in terms of earnings with a positive session, boosted by a better than expected reading on U.S. economic growth in the first three months of the year. Investors were faced with positive earnings surprises from Amazon (AMZN) and Ford (F) and disappointing reports from Intel (INTC) and Exxon Mobil (XOM) ahead of another heavy dose of reports next week from the likes of Alphabet (GOOGL), Apple (AAPL), GE (GE), GM (GM), Eli Lilly (LLY), Pfizer (PFE) and Merck (MRK).

ECONOMIC EVENTS: In the U.S., the first estimate of Q1 GDP growth came in better than expected at 3.2%, beating the consensus call for 2.3% annualized growth. The University of Michigan consumer sentiment index improved to 97.2 from a 96.9 preliminary estimate for April, though that upwardly-revised April figure is still down 1.2 points from a March reading of 98.4.

Meanwhile, U.S. President Donald Trump said earlier this morning that he called OPEC and told the group to lower oil prices. The president later tweeted that he spoke with Saudi Arabia "and others" about increasing oil flow. The Wall Street Journal reported, however, that Trump has not spoken over the phone with the OPEC secretary general or with the Saudi energy minister.

In other energy news, Baker Hughes reported that the U.S. rig count is down 21 rigs from last week to 991.

TOP NEWS: Shares of Amazon rose 2.5% after the e-commerce giant reported quarterly earnings per share that handily beat analysts' estimates. The company's plans to invest to move to free one-day Prime delivery from the current two days had a notable impact on some rivals' stocks, as Walmart (WMT) slid 1.9% and Target (TGT) declined 5.6% following the announcement.

Shares of Intel sunk 9% after the company provided a weak revenue forecast for 2019. Intel said it expects sales to total $69B for 2019, below analysts' average estimate of $71.05B and down from the company's previous forecast of roughly $71.5B. Meanwhile, the Wall Street Journal reported that Apple (AAPL) has held talks, which have recently stalled, about acquiring Intel's smartphone modem business. Now, however, Intel is looking into strategic alternatives for the business, including a potential sale, according to the Journal.

Exxon Mobil was 2.1% lower after the oil super-major reported worse than expected earnings, with chairman and CEO Darren Woods explaining that a change in Canadian crude differentials, as well as heavy scheduled maintenance, affected the company's quarterly results. Integrated super-major peer Chevron (CVX) reported better than expected earnings, though its first quarter earnings declined from a year ago, which it said was largely due to lower crude oil prices and weaker downstream and chemicals margins.

Ford Motor shares gained 10.7% after the carmaker's better than expected results. However, potentially tempering the advance is the company's disclosure that the U.S. Department of Justice opened a criminal investigation into a potential concern involving its U.S. emissions certification process.

In IPO news, Uber Technologies (UBER) disclosed this morning that it will be offering 180M shares when going public. The company anticipates that the initial public offering price will be between $44 and $50 per share. Additionally, Slack Technologies (SK) filed for its direct listing on the New York Stock Exchange under the symbol "SK." "We believe Slack is positioned extremely well to benefit from the explosive proliferation of software into every aspect of business and the increased pace of disruption driven by technological change," the company stated in a filing related to its plans to come public.

MAJOR MOVERS: Among the noteworthy gainers were Bloomin' Brands (BLMN), which gained 7% after reporting quarterly results.

Among the notable losers were Monotype Imaging (TYPE) and Briggs & Stratton (BGG), which fell 14.8% and 14.3%, respectively, after reporting quarterly results.

INDEXES: The Dow rose 81.25, or 0.31%, to 26,543.33, the Nasdaq gained 27.72, or 0.34%, to 8,146.40, and the S&P 500 advanced 13.68, or 0.47%, to 2,939.85.