The Dow and S&P 500 closed modestly lower despite a stronger set of earnings reports than yesterday when the Dow hit its 28th all-time high of the year. The Nasdaq was up fractionally for the day. A number of durable goods makers beat estimates and gave encouraging forecasts. Meanwhile, the Commerce Department said new home sales climbed 8.3 percent in June to a seasonally adjusted annual rate of 497,000 units. That's the the highest rate since May 2008, and beat estimates which were for about 484,000. At the same time weekly mortgage rates dropped for the first time in 2 1/2 months.
On the earnings front, Both Ford (F) and Boeing (BA) were revved up today on their reports. Detroit's second largest automaker rose 2.5% on its quarterly results. The company says its Q2 profit rose to 45-cents a share beating expectations of 37-cents. Ford cited strong demand for its pickup trucks in North America and record earnings in parts of Asia. Revenue climbed 15% from a year earlier and topped Read More »from Strong Earnings from Ford and Boeing Not Enough to Lift Broader Market