The relentless bull market keeps charging higher.
First, the scoreboard:
- Dow: 15,548.5, +78.0, +0.5 %
- S&P 500: 1,689.3, +8.4, +0.5%
- NASDAQ: 3,611.2, +1.2, +0.0%
And now, the top stories:
- It was day two of Federal Reserve Chairman Ben Bernanke's Humphrey-Hawkins testimony to Congress. Today he spoke with the Senate Banking Committee. Like yesterday, it was pretty uneventful. Bernanke reiterated that the Fed would only consider tightening monetary policy if the economic data improved significantly.
- The big surprise of the day was certainly the Philly Fed's Business Outlook Survey, which unexpectedly surged to 19.8, the highest reading since March 2011. "Employment bounced back into positive territory, shipments accelerated (at 14.3 after 4.1), but orders grew more slowly than they had," noted UBS's Drew Matus. "On net, details showed some improvement even if not quite as much as the headline."
- Initial weekly jobless claims fell 24k to 334,000, which was lower than the 345,000 expected by economists. "Recent swings have reflected the timing of summer auto shutdowns, according to Labor Department officials," said Matus. "With more limited auto shutdowns than in many years, seasonal factors allow for a bit more of a rise in not seasonally adjusted claims than we’ll see over the full period of the usual shutdowns, as well as a bit more of a decline in not seasonally adjusted claims than we’ll see in August."
- The Nasdaq lagged the Dow and S&P largely due to the sell-off in chip giant Intel. eBay also got slammed today. Both companies announced lackluster Q2 financial results after the bell yesterday.
- This afternoon, Google, Microsoft, and Chipotle announce their quarterly results. Follow the releases live at BusinessInsider.com.
- Don't Miss: 14 American Housing Markets That Are Swamped With Foreclosures »
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