US Market Recap
Stocks hovered around breakeven for most of the session, as the Street absorbed a cornucopia of corporate earnings reports. Ahead of the bell, a bevy of blue chips took center stage, with disappointing earnings from General Electric (GE) and Bank of America (BAC) neutralizing a stronger-than-expected report from International Business Machines (IBM). However, encouraging housing stats from the Commerce Department helped tip the scales in the bulls' favor. Early in the session, the government said that new home construction unexpectedly advanced in June, rising to the fastest pace since late 2008. By the closing bell, most broad-market barometers finished in the black, concluding the best week on Wall Street since mid-March.
The Dow Jones Industrial Average (DJIA – 8,743.94) ended higher for the sixth time in seven sessions, gaining 32.1 points, or 0.4%, by the close. Thirteen of the Dow's 30 blue chips advanced, led by IBM and JPMorgan Chase (JPM). Pacing the declining issues were General Electric, Bank of America, and Alcoa (AA). For the week, the Dow skyrocketed 7.3%, reclaiming its perch atop its 10-week moving average.
The S&P 500 Index (SPX – 940.38) traded in a narrow range today, but couldn't eke out a gain by the closing bell. When all was said and done, the SPX ended fractionally lower, giving back 0.04%. However, for the week, the broad-market index soared 7%. Finally, the Nasdaq Composite (COMP – 1,886.61) once again outshined its rival indices, muscling higher for the eighth straight session. By the close, the tech-rich index mustered a gain of 1.6 points, or 0.1%, but finished the week 7.4% higher.
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