Equities Market Roundup: Q2 Earnings Continue to Impress, Debt Ceilling Continues to Distress

Equities Editors Desk  |

Wall StreetStocks are trading flat today despite Apple (AAPL) and Google (GOOG) both recently announcing blowout quarters, leading a host of other companies like IBM (IBM), Wells Fargo (WFC) and Johnson & Johnson (JNJ) that have posted better-than-expected numbers in Q2. Wall Street is growing concern that the impossible may actually happen in that Congress may not reach a deal in time to raise the nation's debt ceiling and avoid a default on obligations. It seems as though President Barack Obama may have chosen to back a bi-partisan plan from the Gang of Six. But given the time constraints, the plan may be the only viable option left as both sides of Congress continue to debate on the longer-term financial policies of the U.S. government. Obama has repeatedly stated that he is looking for a larger scope deal rather than a short-term stop gap. However, the White House said today that the President would be open to the idea of signing a temporary extension if it was to help buy time to achieve of a bigger deal. Meanwhile, China grows anxious for a resolution and urged the U.S. government to get its debt situation under control, stating that a default would also damage the nation's credibility. As the largest holder of U.S. Treasuries, the world's second largest economy could be negatively impacted the most from a default. Oil prices slid slightly on supply data, and gold prices dipped slightly below $1,600.

DJIA: 12,591.81(+0.04 percent)
S&P 500: 1,328.78 (+0.15 percent)
NASDAQ: 2,821.11 (-0.19 percent)
Russell 2000: 830.94 (-0.44 percent)

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Symbol Name Price Change % Volume
GTE:CA Gran Tierra Energy Inc. 4.46 -0.09 -1.98 561,573


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