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
Here's where the U.S. markets stood at end of day:
Dow Jones Industrial Average down 21.05 (-0.14%) to
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
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