US stocks struggled after poor consumer confidence figures but the Dow still closed ahead.
Dow Jones finished 12 points higher at 10,537, with the Nasdaq losing 8 points to 2,288. The S&P 500 has barely changed at 1,113.
The Conference Board’s Consumer Confidence index for July fell to 50.4 from a revised 54.3 in June. Job concerns are hitting confidence and causing concerns about the economic recovery.
It overshadowed strong company earnings and house prices although there was a rally late in the morning.
The S&P/Case-Shiller home-price index rose a better than expected 4.6% on an annual basis in May after a 3.8% advance in the previous month. Analysts were looking for an increase of 4%.
Chemical firm DuPont saw quarterly profits nearly triple and raised its 2010 earnings forecast to $2.90 to $3.05 a share from $2.50 to $2.70. This made it the best performer in the Dow.
"Several businesses, including electronics and titanium dioxide, delivered results that far exceeded pre-recession performance," said chairman and chief executive Ellen Kullman.
Laser and ink jet printers maker Lexmark International beat analysts forecasts for its second quarter earnings. Rising trading revenues helped Nasdaq OMX. Shares in Office Depot were on the rise after the company posted a smaller-than-expected loss.
Insulation installer Masco reported second quarter revenues that were lower than expected. US Steel was hit by the revaluation of a European loan.
BP’s US shares were slightly higher after the oil giant confirmed Tony Hayward is to step down as chief executive of the group on 1 October to be succeeded by fellow executive director Bob Dudley.
The group also unveiled a $32.2bn charge for the Gulf of Mexico oil spill, including the $20bn it has already committed to putting in escrow. As a result the company reported a headline loss of $17bn for the second quarter, the largest ever by a UK company.
S&P 500 - Risers
Lexmark International Inc. (LXK) $37.76 +8.47%
E.I. du Pont de Nemours and Co. (DD) $40.38 +3.57%
Sandisk Corp. (SNDK) $43.60 +2.81%
Allegheny Energy Inc. (AYE) $23.72 +2.77%
Costco Wholesale Corp. (COST) $57.20 +2.67%
S&P 500 - Fallers
Masco Corp. (MAS) $10.53 -11.74%
Thermo Fisher Scientific Inc. (TMO) $46.17 -9.45%
Jacobs Engineering Group Inc. (JEC) $37.09 -7.21%
Range Resources Corp. (RRC) $37.24 -6.99%
Dow Jones I.A - Risers
E.I. du Pont de Nemours and Co. (DD) $40.38 +3.57%
Hewlett-Packard Co. (HPQ) $47.57 +2.15%
Pfizer Inc. (PFE) $15.27 +1.66%
Verizon Communications Inc. (VZ) $28.59 +1.10%
Dow Jones I.A - Fallers
American Express Co. (AXP) $44.55 -1.94%
Home Depot Inc. (HD) $28.58 -1.41%
Cisco Systems Inc. (CSCO) $23.29 -1.36%
Caterpillar Inc. (CAT) $69.18 -1.16%
No comments:
Post a Comment