Stocks End Slightly Higher
Stocks flirted with the flat line for most of the day after the Dow Jones Industrial Average's six day climb. Investors remained on the sidelines despite positive reports on housing and durable goods . The Dow has managed to pull out a decent summer rally even after many volatile sessions. Declining stocks outnumbered advancers by about 4-to-3 on the New York Stock Exchange, where volume came to a light 810.2 million shares. With trading volume and news flow tapering down amid Wall Street's annual summer slowdown, analysts say there are few near-term catalysts that could spur the market higher. Retail stocks were mostly higher after a handful of upbeat earnings reports. Declines in industrial and material stocks weighed on the market. Light crude oil prices for October delivery fell 62 cents to settle at $71.43 a barrel following a report showing an unexpected increase in crude supplies. In currency trading, the dollar rose versus the euro and fell versus the Japanese yen.
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New Home Sales Numbers Surprise - Sales of newly built homes jumped 9.6 percent in July, rising for the fourth month in a row and adding more evidence that the housing market is on the mend.
Housing Numbers You Don't See
Video - Housing on the Mend?
Business Orders Up a Tad - Orders for durable goods rose last month by the largest amount in two years, as the manufacturing sector rebounded from the depths of the recession.
Cash for Clunkers: the day after - The cash for clunkers program has finally come to end, but not without getting 700,000 gas guzzlers off the road. Despite the success of the program, some people believe that it was nothing more than an expensive way to reduce emissions.
There may be 700,000 new cars on the road thanks to the cash for clunkers program, but AAA is expecting travel over the Labor Day holiday to drop 11.8% .
Williams-Sonoma Not on Sale - Investors are cheering second-quarter results from Williams-Sonoma (WSM). But at current levels the stock looks far too pricey to chase.
Bargain Shoppers Help Boost Earnings for Dollar Tree - Dollar Tree (DLTR) posted an increase in second-quarter profits as cash-strapped consumers scooped up its $1 or less merchandise.
Sen. Ted Kennedy dies at 77 - Sen. Edward M. Kennedy, the liberal lion of the Senate died at his home in Hyannis Port after battling a brain tumor.
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Other Juicy Tidbits
Brace yourself: Beer prices are going up - For those of you who enjoy a cold beer, get ready to spend a little more to drink your favorite beverage.
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Remember the widow who was selling her husband's crypt, which just so happened to be above Marilyn Monroe's? Well the Japanese buyer has backed out of the deal after receiving the $4.6M invoice.
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California's For Sale - on EBay! - As promised, the Governor is putting several state surplus items, including 500 vehicles, up for auction.
Beijing loves IKEA -- but not for shopping
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