Market close analysis 7/30

The stock market overcame a weaker-than-expected report on U.S. growth, and the major averages finished little changed on the day. The Dow erased an early loss of 119 points and the Nasdaq wiped out a loss of 33. Commodity, consumer and health care stocks were at the forefront of an afternoon advance which lost some momentum in the final minutes. Boeing gained 1.4% to 68.14 and IBM rose 0.3% to 128.40 to lead the Dow. A report on second quarter gross domestic product was a disappointment. GDP rose only 2.4%, but stronger-than-expected readings of consumer confidence and Midwest manufacturing put the market in a better mood. MetLife gained 4.6% to 42.06 as the company reported a second quarter profit that exceeded expectations. Genworth Financial retreated 14% to 13.58 as revenue fell. The Dow closed down one point at 10,465. NYSE volume totaled close to 1.2 billion shares. The S&P 500 was flat to close at 1101. The Nasdaq gained 3 points to 2254. Advancing issues beat decliners by 4-3 on the NYSE and by 5-4 on the Nasdaq. The 10-year Treasury note was up 20/32 to yield 2.91%. For the week, the Dow rose 41 points, or 0.4%. The S&P 500 was down one point for the week. The Nasdaq fell 14 points, or 0.6%. The Dow and S&P 500 both gained close to 7% in July.3

This information was provided by Benjamin Chuckrow of Wells Fargo Advisors at 37 Henry ST. Saratoga Springs, NY, 12866  (518)-581-5049.

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