US stocks ended July with significant gains even though figures released Friday show that economic growth slowed down in the second quarter. Earnings have come in strong for the second quarter. EPS of $19.26 on the S&P 500 so far this season are 42% higher than they were this time last year.
Stocks:
The S&P 500 fell 1.06 points this week, or 0.10%, to 1101.60. The Nasdaq Composite fell 14.77 points, or 0.65%, to 2254.70. The Dow Industrials rose 41.32 points, or 0.40%, to 10465.94. This was the largest monthly percentage gain for both the S&P and Dow since July 2009.
- Citigroup (C) will pay $75 million to settle a civil fraud charge brought by the SEC that the bank failed to disclose $40 billion in subprime exposure to investors.
- BP posted a record quarterly loss of $17 billion, the biggest in UK history, and selected Robert Dudley to replace Tony Hayward as CEO.
Bonds:
End of week bond yields:
3 Month yield = 0.12%, flat 0 bps from last week.
3 Year yield = 0.82%, down 12 bps from last week.
5 Year yield = 1.59%, down 14 bps from last week.
10 Year yield = 2.90%, down 9 bps from last week.
30 Year yield = 3.99%, down 3 bps from last week.
What to look for next week:
9:00 AM Monday ISM Manufacturing Index
7:30 AM Tuesday Personal Income and Outlays
7:30 AM Friday Employment Situation
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