Equities ended the day in red as all major indices were hurt by weaker than expected earnings report from key companies in the utility and consumer sectors, leading traders to believe that a good percentage of households are still feeling strong pressures from the recession. The blue chip DJIA fell 0.29% (it was down more substantially during intra-day trading) and the broader S&P 500 shed 0.42%. Though the markets are ending July on a weak note, this month overall has seen the DJIA rise by more than 7%, which is its best performance since July 2009. The trading session got off to a good start with jobless claims falling 11,000 and Exxon reporting better than expected earnings but then Colgate-Palmolive came in below its second quarter sales forecasts and the rest of the consumer sector was weak from there on out. A Fed president further spooked the markets by raising the threat of Japanese style deflation in the Unites States. Amazon again cut the price on its Kindle book reader to $139 while trading in Cisco had to be temporarily halted as the stock jumped 10% in a five-minute period. The benchmark 10 year Treasury bond rallied bringing the yield down to 2.99% from 3%. The dollar was trading weaker against both the euro and the yen.
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Tough End to What Has Been a Strong Month
By: InvestorGuide Staff, dated July 29th, 2010Equities ended the day in red as all major indices were hurt by weaker than expected earnings report from key companies in the utility and consumer sectors, leading traders to believe that a good percentage of households are still feeling strong pressures from the recession. The blue chip DJIA fell 0.29% (it was down more substantially during intra-day trading) and the broader S&P 500 shed 0.42%. Though the markets are ending July on a weak note, this month overall has seen the DJIA rise by more than 7%, which is its best performance since July 2009. The trading session got off to a good start with jobless claims falling 11,000 and Exxon reporting better than expected earnings but then Colgate-Palmolive came in below its second quarter sales forecasts and the rest of the consumer sector was weak from there on out. A Fed president further spooked the markets by raising the threat of Japanese style deflation in the Unites States. Amazon again cut the price on its Kindle book reader to $139 while trading in Cisco had to be temporarily halted as the stock jumped 10% in a five-minute period. The benchmark 10 year Treasury bond rallied bringing the yield down to 2.99% from 3%. The dollar was trading weaker against both the euro and the yen.
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