Stocks Mixed as Credit Debate Continues (AAPL, CL)

With August 2nd, the date the Treasury stated it would run out of funds to pay its obligations, very nearly arriving, fights over the debt ceiling continue in the halls of Congress. This continues to be reflected in poor market performance, as stocks ended mixed today. One investor even theorizes that people are fleeing to Apple (AAPL) as a safe haven for their money in contrast to the increasingly dubious treasuries. In corporate news, Colgate-Palmolive (CL) announced that its profits were up for the quarter, primarily because of revenue obtained in Latin America. The company also warned that it expected its costs in the US to increase in the second half of the year.

Word on the Street

• The stock market was mixed today, with the Dow ending down and the Nasdaq ending up.
• S&P has stated that reducing spending by $4 trillion would help the federal government’s creditworthiness.
• Auto sales in July are estimated to have shown an improvement.
• Is it possible that investors are running to Apple (AAPL) stock in lieu of treasuries?
• Colgate-Palmolive’s (CL) profits were up, but expects US prices to rise in the second half of 2011.

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