CLOSING UPDATE: U.S. Stocks End Mixed After FOMC Meeting Minutes


U.S. stocks ended mixed today, falling victim to a late sell-off after earlier being boosted by better-than-expected economic data and another batch of strong Q2 earnings results.

While the 200,000 new hires in the ADP July payrolls produced little reaction pre-bell, traders took notice of the surprise rise in Q2 gross domestic product, which jumped 1.7% and eclipsed Wall Street estimates for a more modest 1.1% gain. Stocks held onto their gains following the afternoon release of the latest FOMC meeting minutes, but the late sell-off dropped the DJIA and S&P 500 into the red.

In addition to the GDP and ADP data, the Q2 employment cost index was also bullish for the economy, rising 0.5%. The Chicago purchasing manager's index also improved 0.7 points over June levels to a 52.3 reading in July, trailing market expectations for a rise to 54.0.

Stocks offered little reaction to the Federal Reserve's latest statement in which the Fed decided to make very few waves, only slightly downgrading its economic outlook, saying that the economy was expanding at a "modest" pace, a change from the "moderate" pace seen in June. In addition, the Fed gave no hints about its plans for its $85 billion-a-month asset purchase program.

Commodities finished mixed. Gold shed 1%, and accelerated its losses in electronic trading following the release of the latest Fed minutes. For the month, gold added 7.3%. Oil added 1.9% today on the positive economic data, taking its monthly gains near 9%.

Here's where the U.S. markets stood at end of day:

Dow Jones Industrial Average down 21.05 (-0.14%) to 15,499.54

S&P 500 down 0.23 (-0.01%) to 1,685.73

Nasdaq Composite Index up 9.90 (+0.27%) to 3,626.37


FTSE 100 was up 1.23%

DAX was up 0.17%

CAC 40 was up 0.45%

Nikkei 225 was down 1.45%

Hang Seng Index was down 0.32%

Shanghai China Composite Index was up 0.19%


(+) QCOR, Shares continue Tuesday's rally after the company reported Q2 earnings of $1.35 versus estimates of $1.04

(+) TSRX, Trius Therapeutics to be acquired by Cubist Pharmaceuticals for $13.50 per share

(+) SODA, SodaStream reported Q2 adjusted EPS of $0.74 beating analyst's estimates of $0.63


(-) RVBD, Late yesterday, Riverbed reported Q2 revenues of $255 million, below the analyst consensus of $258 million.

(-) GNW, The company reported Q2 adjusted EPS at $0.27, versus the street consensus of $0.29

(-) OPTR , After announcement of acquisition by Cubist, the stock is hit with a rash of downgrades

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks:

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