A late rally nearly carried stocks back over their break-even
marks, turning around a largely negative session that followed
disappointing GDP data out of Japan overnight. Volume was extremely
light, with the middling results for the day reflective of a lack
of conviction among traders in either direction. Shares of gold
mining companies rallied today with gains in the
price of gold
while Apple Inc. (
) led technology stocks higher following reports it will unveil the
latest iPhone model next month. Utilities were the worst performers
today, falling about 0.7% as a group.
Japanese growth slowed in Q2, missing expectations, fueling
hopes the Bank of Japan could step up its quantitative easing
efforts. Japan's gross domestic product rose at an annualized 2.6%
pace during the April-to-June period, well under expectations for a
4.6% rise. Asian stocks overnight were helped somewhat by reports
the People's Bank of China could soon cut the reserve requirements
for small to medium-sized banks.
Trading in the U.S. markets was typical of a late-summer
weekday, with investors apparently unwilling to take large position
before the Commerce Department releases new data July retail sales.
Market experts current are forecasting a 0.3% rise, down slightly
from June's 0.4% gain but extending a four-month string of
Other data to be released tomorrow includes the NFIB Small
Business Optimistism Index, Business Inventories and import-export
prices for July. Atlanta Federal Reserve President Dennis Lockhart
also addresses the Atlanta Kiwanis Club at 12:45 p.m. ET
Commodities were mostly higher today. Crude oil for September
delivery settled 14 cents higher at $106.11 per barrel. September
natural gas gained 8 cents to finish at $3.31 per 1 million BTU.
December gold climbed $22.60 to $1,334.60 per ounce while September
silver added 93 cents to $21.34 per ounce. September copper lost a
penny to settle at $3.30 per pound.
Here's where the U.S. markets stood at end-of-day:
Dow Jones Industrial Index down 5.83 (-0.04%) to 15,419.68
S&P 500 down 1.95 (-0.12%) to 1,689.47
Nasdaq Composite Index up 9.84 (+0.27%) to 3,669.95
Hang Seng Index up 2.13%
Shanghai China Composite up 2.39%
FTSE 100 down 0.13%
(+) PTIX, Extends rally ignited by better-than-expected Q2
results last week.
(+) GALT, FDA Grants 'Fast Track' designation for the company's
drug candidate to treat fatty-liver disease.
(+) DOLE, Deutsche Bank AG (
), Bank of America (
) and Bank of Nova Scotia (
) agree to supply a combined $1.15 billion in financing for CEO
David Murdoch's buyout of the company.
(-) VICL, Scraps experimental melanoma therapy after the drug
failed to perform significantly better than current chemotherapy
(-) INO, Posts Q2 net loss of $0.06 per share, $0.02 wider than
analysts were expecting. Revenue climbs 76.1% year over year to
$786,000 but also trailS Street estimates by $304,000.
(-) AMRI, Bristol-Myers Squibb (
) terminates Phase III testing of the company's antidepressant drug
candidate, citing a pair of Phase IIb studies with patients who
have not responded to other drug therapies.