Market close analysis 7/20
July 20, 2010 -- 4:10PM ET
The stock market emerged from a deep morning selloff and ended on the plus side today. Investors were heartened by positive profit reports and an encouraging indicator of future housing sales. The Dow erased an early loss of 146 points. Homebuilders and commodity producers led the comeback. The market looked past a depressed reading of June housing starts, and focused instead on higher-than-expected building permits. Homebuilder Lennar closed up 6.3% at 14.69. Pepsico and Harley Davidson led the parade of earnings that beat expectations. Pepsico closed up 4.3% at 64.73. Harley Davidson shares had their best day in a year, rallying 13.6% to 26.83. Goldman Sachs was under pressure early, but ended up 2.2% at 148.91 as better-than-forecast profits trumped disappointing revenue. The Dow would have closed 35 points higher without IBM and Johnson & Johnson. IBM fell 2.5% to 126.55 as sales missed forecasts. Johnson & Johnson lowered its earnings outlook, and shares were down 1.7% at 58.58. The Dow closed near its high for the session, up 75 points at 10,229. NYSE volume totaled 1.13 billion shares. The S&P 500 gained 12 points to 1083. The Nasdaq closed up 24 points at 2222. Advancing issues beat decliners by more than 4-1 on the NYSE and by 5-2 on the Nasdaq. The 10-year Treasury note was up 2/32 to yield 2.95%.
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