Market close analysis 7/27
July 27, 2010 -- 4:15PM ET
The Dow was able to nudge its winning streak to four, but the S&P 500 and Nasdaq declined today as a weak economic report deflated a three-day rally. The July consumer confidence index fell to a five-month low. The report put pressure on consumer discretionary stocks. Best Buy lost 3.9% to 35.45. Urban Outfitters was down 5.2% at 32.97. Commodity producers were lower as crude oil and gold prices fell 2% on reduced expectations for growth. DuPont was responsible for eleven points of the Dow’s gain. Shares of the chemical giant rose 3.6% to 40.38 after profits beat forecasts. Financial stocks outperformed the broader averages after European banks Deutsche Bank and UBS reported solid earnings. Deutsche Bank was up 2.8% to 68.06 in New York trading. UBS gained 8.9% to 16.50. U.S. Steel fell 6.4% to 45.76 after posting an unexpected second-quarter loss. The Dow closed up 12 points at 10,537. NYSE volume totaled just over 1.1 billion shares. The S&P 500 fell one point to 1113. The Nasdaq lost 8 points to 2288. Declining issues beat advancers by 4-3 on both the NYSE and the Nasdaq. The 10-year Treasury note lost 15/32 to yield 3.05%.
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