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Mixed News Keeps Gains Slim

Posted Jul 23, 08 3:15 PM CDT in Business 

(Newser) – The markets pared earlier gains to end just slightly positive today, amid mixed earnings reports and a gloomy-but-expected Federal Reserve data on the US economy, the Wall Street Journal reports. The Dow gained 29.88, closing at 11,632.38. The Nasdaq gained 21.92, settling at 2,325.88, while the S&P 500 fell 5.19 to 1,282.19.

The Fed’s beige book said US economic activity slowed in June and July, but did not provoke much reaction from traders. Oil continued a weeklong slide, falling almost $4 to 124.44. In earnings, Pfizer and AT&T rose on strong second-quarter reports, while McDonald’s and Boeing fell after reporting troubles. Homebuilders also surged on the news President Bush would sign the Fannie/Freddie bailout plan.

Sources Wall Street Journal, MarketWatch

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In this July 2, 2007 file photo, the sign on the top of the AT & T building in downtown Cleveland, Ohio, shines through fireworks being set off over Jacobs Field.   (AP Photo/Amy Sancetta)
Traders work on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo/Jin Lee)
The American flag is seen reflected in the Pfizer world headquarters building, Tuesday, July 22, 2008 in New York.   (AP Photo/Mary Altaffer)
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Dow Jones • S&P 500 • Federal Reserve • Nasdaq • Fannie Mae • Freddie Mac • AT&T • Pfizer • Beige Book


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