US stocks edge higher on upbeat economic activity

US stocks gained on Friday, finishing the week on an upbeat note that saw the Nasdaq 100 end a five-day losing streak as data revealed upbeat business activity.

Dow Jones Industrial Average rising 0.98% to 53,277.01; the S&P 500 gaining 0.43% to 7,674.37; and the Nasdaq Composite adding 0.44% to 26,180.455.

In a critical economic update, the US composite PMI for August rose to 56.0, marking a four-year high, as strong expansion in the services sector eased market concerns about an economic slowdown. However, on a weekly basis, the S&P 500 and Nasdaq posted their first weekly losses in four weeks, while the Dow fell for a second consecutive week.

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