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DJIA Finish Up Over 7% For Month of July
It was a rough start for the major market indexes today, with the Dow Jones Industrial Average (DJIA) down triple digits within the first 15 minutes of the opening bell.
Fueling the bearish fire were the latest gross domestic product (GDP) estimates from the Commerce Department, which indicated slower-than-anticipated economic growth for the second quarter. Adding insult to injury, the Thomson Reuters/University of Michigan consumer sentiment index tumbled to an eight-month low in July, reflecting escalating concerns about the pace of the economic recovery. Meanwhile, the lone bright spot of the day came courtesy of the Institute for Supply Management-Chicago's business barometer, which unexpectedly rose in July – pointing to robust manufacturing activity in the Midwest. In fact, the upbeat data helped the bulls stage a valiant afternoon recovery, with stocks negating most – if not all – of their losses by the close.
Wall Street Cheer A Benign July
The Dow Jones Industrial Average (DJIA – 10,465.94) pared most of its deficit by the close, ending with a modest loss of 1.2 points, or 0.01%.
Fourteen of the Dow's 30 blue chips settled in the red, with Intel Corp. and Merck leading the laggards, while Boeing and Home Depot paced the 16 advancing equities.
For the week, the DJIA added 0.4%, but fell shy of toppling its 20-week moving average. For the month, the blue-chip barometer skyrocketed 7.1% - its heftiest monthly gain in a year – to finish north of its 10-month trendline for the first time since April.
The S&P 500 Index (SPX – 1,101.60) also clawed back from its session lows, eking out a gain of less than a point, or 0.01%. For the week, the SPX gave back 0.1%, but managed to finish the month 6.9% ahead – its best monthly rally since July 2009. Finally, the Nasdaq Composite (COMP – 2,254.70) followed suit, erasing its early deficit to end 3 points, or 0.1%, higher.
For the week, the tech-rich index surrendered 0.7%, but still added 6.9% in July. What's more, both the SPX and COMP also clawed their way back atop their respective 10-month trendlines.
HAPPY WEEKEND
The S&P 500 Index (SPX – 1,101.60) also clawed back from its session lows, eking out a gain of less than a point, or 0.01%. For the week, the SPX gave back 0.1%, but managed to finish the month 6.9% ahead – its best monthly rally since July 2009. Finally, the Nasdaq Composite (COMP – 2,254.70) followed suit, erasing its early deficit to end 3 points, or 0.1%, higher. For the week, the tech-rich index surrendered 0.7%, but still added 6.9% in July. What's more, both the SPX and COMP also clawed their way back atop their respective 10-month trendlines.
HAPPY WEEKEND
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