Stock Market Analysis Gains Index Dow Jones, NASDAQ, S&P 500, Gold, Crude, Euro Gain; General Motors, Netflix winners this Quarter
Posted on | July 22, 2010 | No Comments
The Dow Jones surged upward today due to a string of strong profit reports and a better than expected reading on existing home sales. At approximate mid day, averages were up. The Dow Jones Industrial average rose 200 points up 2%, the S&P 500 index rose 24 points up 2.2% and NASDAQ gained 51 points up 2.4%. Companies such as AT&T, UPS, and Caterpillar beat expectations with high second quarter earnings. Gold prices made modest gains with investors selecting riskier stocks.
The U.S. dollar index was losing 1% but the euro was rallying 1.15%. In the economy, the number of Americans filing new claims for unemployment rose. treasury prices fell, pushing the yield on the 10 year note up to 2.94% from 2.89%. Some winners of the day are General Motors, Qualcomm, Mellanox Technologies, Netflix, and SolarWinds. General Motos will acquire AmeriCredit for approximately 3.5 billion cash. Qualcomm reported higher third quarter earnings. Second quarter earning for Netflix rose and SolarWinds reported higher second quarter earnings. As of the 2pm hour, the DOW was positive 2.06 percent, the Euro positive 1.15%, Crude positive 3.1 percent and gold positive .23 percent. The general economy appears to be showing a gradual positive trend and experts continue to debate the merit of the recent trend. Is it a recovery, or is it just false confidence?
Author: Frank Matto