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.