Nasdaq Reaches 12-Year High Ahead of Fed Meeting (MOS, FB)
PUBLISHED ON: Jul 30, 2013
Not much economic data was released today other than the most recent consumer sentiment reading, coming in lower than was expected for July. Stocks traded higher in anticipation of the Fed's monetary-policy decision to be released on Wednesday. The Nasdaq Composite was able to reach its best month since January of 2012 and a twelve-year high after many companies released earnings and beat investor expectations. Goodyear Tire (GT) jumped almost 10% after nearly doubling its Q2 profit. Mosaic (MOS) stumbled nearly 19% on talk that prices could fall drastically by the end of the year.Reports that property values in the US are rising were released helping the dollar recover from losses against the Japanese yen.
Word on the Street
- Consumer confidence dips in July but American views remain open.
- Financials climb after data shows home prices are on the rise.
- Amazon (AMZN) plans to add 7,000 new workers, most of which will be in warehouses.
- PEG (PEG) beats estimates with second quarter earnings.
- One year after the IPO, Facebook (FB) investors may be breaking even.
- Baidu (BIDU) Burns the Bears.
Posted in ...Daily Market Commentary