Market close analysis 7/29
July 29, 2010 -- 4:05PM ET
The stock market finished moderately lower today, but that didn’t tell the whole story. The Dow traded in a range of nearly 200 points. Mixed earnings guidance combined with a warning from a Federal Reserve official sent the market on its wild ride. St. Louis Fed President James Bullard rattled investors with comments that the U.S. has moved closer to Japanese-style deflation. Below-par results from Symantec weighed on semiconductor stocks. Symantec plunged 11.3% to 13.03. Akamai Technologies sank 13% to 38.35 after saying its profit margin shrank. Colgate Palmolive and Kellogg posted disappointing sales. Colgate Palmolive finished down 6.8% at 78.12. Kellogg closed down 6.9% at 47.98. On the plus side, Corning sales and profits topped estimates and the stock gained 2.8% to 18.16. Jobs remain a challenge for the market. First-time unemployment claims declined for the third time in four weeks, but remain stubbornly above levels that would indicate a healthy labor market. Dow closed down 30 points at 10467. NYSE volume totaled 1.18 billion shares. The S&P 500 lost 4 points to 1101. The Nasdaq was down 12 points at 2251. Advancing issues beat decliners by 9-8 on the NYSE. Declining issues held a 13-12 lead on the Nasdaq. The 10-year Treasury note was steady to yield 2.98%.
This information was provided by Benjamin Chuckrow of Wells Fargo Advisors at 37 Henry ST. Saratoga Springs, NY, 12866 (518)-581-5049.
This information was prepared by or obtained from sources that Wells Fargo Advisors believes to be reliable. Any market prices are only indications of market values and are subject to change. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.
Investment and InsuranceProducts:„NOT FDIC Insured„NO Bank Guarantee„MAY Lose Value
Wells Fargo Advisors, LLC, Member SIPC is a registered broker-dealers and a separate non-bank affiliate of Wells Fargo & Company.
