S&P Tops 1,700 For First Time on Economy and Stimulus (LNKD, XOM)
On Thursday the S&P 500 surpassed the 1,700 mark for the first time on economic improvement and yesterday's stimulus confirmation by the Federal Reserve. Both the Dow and Nasdaq finished higher for the day as well. Jobless claims reportedly fell to the lowest level since early 2008. LinkedIn (LNKD) reported Q2 earnings that topped forecasts and SanDisk Corp. (SNDK) jumped after announcing a share buyback program and cash dividend for its investors. Proctor & Gamble (PG) projected yearly earning would increase as much as last year and rose about 1.4%.Exxon Mobile (XOM) dropped after reporting profit that fell 57% from the same period last year. The dollar declined against the euro but gained against the Japanese yen for another day.
Word on the Street
- Factories in the US expand at the fastest pace in two years.
- Oil futures gain 2% on upbeat economic report and energy demand outlook.
- Exxon Mobile (XOM) stumbles after missing earnings and profit.
- Motorola releases its newest smartphone called the Moto X, sending shares of Google (GOOG) higher.
- Panera Bread (PNRA) Plunges on a Downward Guidance Revision.
Published on Aug 1, 2013By InvestorGuide Staff