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Nasdaq Reaches 12-Year High Ahead of Fed Meeting (MOS, FB)

By: , dated July 30th, 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.

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