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Today's Commentary
 
Wednesday, July 29, 2015


U.S. stocks started the week with another round of selling as the impact of a sharp sell-off in China hit the world’s financial markets.

The Dow Jones Industrial Average fell 0.7% to the lowest level in six months as China’s Shanghai Composite plummeted 8.5%.

The S&P 500 was off 0.6%, and the Nasdaq dropped 1%. International markets were even harder hit with France’s CAC and Germany’s DAX both down 2.6%. The U.K.’s FTSE 100 fell 1.1%.

Nine of the 10 S&P sectors lost ground, with interest-sensitive utilities the only gainer. The Dow Jones Utility Average closed 1.4% higher. But the economically sensitive Dow Jones Transportation Average fell less than the others, off just 0.2% on lower-than-average volume.

Gold rose 1% to $1,096.50 an ounce, reflecting investors’ flight to safety, as did the increase in the price of the 10-year note, with its yield falling to 2.23%.

The health care sector benefited from better-than-expected earnings from Teva Pharmaceutical Industries Ltd (ADR) (TEVA) and news of its acquisition of Allergan PLC’s (AGN) generic drug business for a reported $40.5 billion.

Durable goods orders rose 3.4% in June after a decline in May. Analysts had expected an increase of 3%. 
  


 
 
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