Market close analysis 7/26
July 26, 2010 -- 4:15PM ET
The rally elevated on light volume on Wall Street today as stock averages added to last week’s gains. Today’s action pushed the Dow onto positive ground for the year. The S&P 500 is on track for its best monthly performance since 2009. The advance came after FedEx raised its profit outlook and June housing starts increased more than expected. FedEx cited better-than-forecast growth in shipping volumes and said it would reinstate the match to employee retirement plans. The shares rose 5.6% to 83.39. Competitor UPS was up 1.9% at 64.88. Homebuilders got a boost after a report that June new home sales increased 24% from May’s record low. Pulte Homes rose 4.7% to 9.07 and D.R. Horton gained 3% to 11.17. BP closed up 4.9% at 38.65 on reports that Tony Hayward would step down as chief executive. Genzyme jumped 7.4% to 67.38 on renewed takeover speculation. Onyxx Pharmaceuticals received positive data from a drug study and the shares soared 21.2% to 26.04. The Dow closed up 100 points at 10,525. NYSE volume totaled just over one billion shares. The S&P 500 rose 12 points to 1115. The Nasdaq gained 27 points to 2296. Advancing issues beat decliners by more than 4-1 on the NYSE and by 7-2 on the Nasdaq. The 10-year Treasury note gained 2/32 to yield 2.99%.
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