Market Summary 7/29/2010
(2010-07-29 20:05:23)
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Stock Market Closing Prices – 7/29/10
Dow ( DJIA ) Close - 10467.16 -30.72
Nasdaq Close - 2251.69 -12.87
S&P 500 Close – 1101.53 -4.60
Commodities Closing Prices – 7/29/10
Gold Close - 1166.80
Oil Close – 78.16
Natural Gas – 4.68
The Dow is down 31 points.
Stocks slid Thursday, although they finished off their session lows, as investors weighed cautious comments from a regional Federal Reserve president about the health of the economy and a mix of quarterly profit reports.
After a morning sell-off, the Dow trims its loss to 31 points, thanks to Merck, General Electric and Chevron. Kellogg sags on weak guidance. Jobless claims dip. Gold and oil move up.
The market did actually leave some traders happy. That's because the S&P 500 successfully tested 1,093, an important tipping point. The index moved above that level a week ago, which turned a resistance level into potentially a support level that would generate buying. The index tested that level today, rebounding strongly. That's potentially a bullish signal.
Market breadth was mixed. On the NY Exchange, winners narrowly beat losers on volume of 1.18 billion shares. On the Nasdaq, decliners topped advancers on volume of 2.33 billion shares.
Economic Calendar Data - 7/30/10
U.S. second-quarter estimate for the Gross Domestic Product. 8:30 a.m.
Chicago PMI report on business activity in the Chicago area. 9:45 a.m.
U.S. consumer sentiment for July released. 10 a.m.
Chervon/ Merck/PSEG is scheduled to release quarterly results before market open.