S&P 500 Leads Stocks Higher On 8th Consecutive Gain

Michael Teague  |

The Standard & Poor’s 500 extended its streak to eight days with yet another all-time high closing tally of 1,682.50, a gain of 0.14 percent, while the Dow Jones Industrial Average advanced 0.13 percent to 15,484.26, and the NASDAQ was up 0.21 percent to 3,607.49.

The Department of Commerce reported retail sales up 0.4 percent for the month of June, well shy of the expected 0.8 percent, but the third straight month of increases. Meanwhile the New York Federal Reserve reported showing manufacturing in the state grew from 7.84 in June to 9.46 in July, well ahead of a reading of 5 that had been the average forecast.

The Chinese economy continued to show signs of slowing down, with economic growth dropping from 7.7 to 7.5 percent in the second quarter. Investors seemed undeterred by this news however, as expectations for the country’s growth had been significantly lower.

Citigroup (C) was one of the day’s biggest winners, up nearly 2 percent to $51.80 after reporting a 26 percent increase in profits for the second quarter.

Boeing (BA), the world’s largest defense contractor, closed the day on an advance of 3.72 percent to $105.66 after a preliminary investigation of a fire that broke out on one of its new 787 Dreamliners last Friday determined that the incident had nothing to do with the plane’s battery overheating. The stock had plummeted after the news was released during Friday trading.

Shares for the small wireless company Leap Wireless (LEAP) more than doubled to close the day at nearly $17 per share after AT&T’s (T) late-Friday announcement that it would be purchasing the firm in a deal worth some $1.2 billion.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
C Citigroup Inc. 56.22 -0.85 -1.49 23,712,482 Trade
BA The Boeing Company 322.03 -4.32 -1.32 3,566,436 Trade
T AT&T Inc. 29.70 -0.21 -0.70 49,563,330 Trade
KGRI Kiley Group Inc 0.00 0.00 0.00 0

Comments

Can the Media Solve the Partisan Conflict?

Andrew McCarthy, Contributing Editor, The National Review; Michael Zeldin, CNN Legal Analyst; Celeste Katz, Senior Political Reporter, Glamour; Silvia Davi, SVP, Contributing Editor, Equities.com; and Doug Simon, CEO, D S Simon Media discuss how the media’s role has shaped the landscape for communicators and what the media is trying to do to reduce discord in society.

Emerging Growth

IMV Inc.

Immunovaccine Inc is clinical stage biopharmaceutical company. The Company develops products based on its proprietary vaccine enhancement platform in T cell activating therapies for cancer.