Market Summary 7/16/2010

Stock Market Closing Prices – 7/16/10

Dow ( DJIA ) Close - 10097.90 -261.41
Nasdaq Close - 2179.05 -70.03
S&P 500 Close – 1064.88 -31.60

Commodities Closing Prices – 7/16/10

Gold Close - 1188.00
Oil Close – 76.01
Natural Gas – 4.53

The Dow closed at 10098 , as the stock market dropped on worse than expected earnings out of BAC,C,GE.

Bank of America's stock fell $1.41, or 9.2 percent, to $13.98. Citigroup was off 26 cents, or 6.3 percent, at $3.90. Both companies beat analysts' expectations. However, the drop in their revenue as a result of the stock market's slide had investors worried about how banks would make money in the future under new government regulations.

Google Inc. fell $34.41, or 7 percent, to $459.61 after its earnings fell short of analysts' expectations.

GE lost 70 cents or 4.6 percent to $14.55.

Next week brings reports from 122 companies, including 12 Dow components.

Market breadth was negative. On the New York Stock Exchange, volumw came to one billion shares. On the Nasdaq, volume came to 1.64 billion shares.