Wall Street Wrap for 28 July 2010

Wall Street Wrap for 28 July 2010

US markets witnessed another day of a sell-off, with the Dow down almost .4%, the S&P f500 falling .7% and the Nasdaq down over 1%. Triggering the decline was a surprise drop in durable-goods orders, which dropped 1% in June. Defined as expensive goods that are built to last 3 years or more, the decrease was mostly in transportation goods, but other industrial areas impacted included electronics, metals, and machinery.

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Aircraft maker Boeing announced disappointing results, with second quarter profits falling, down from $1.41 per share a year earlier, to $1.06 a share this quarter. Revenues also tanked 9.2% to $15.57 billion. Boeing attributes the results to fewer airplane deliveries and lower defense revenue. Shares fell almost 2%.

Although a lot of economic uncertainty still exists in the US, the Dow, S&P 500, and Nasdaq are up between 8% and 8.5% month-to-date.

In world markets, European shares ended the day mixed, while Asian markets ended the day in the green.

In commodities, US light crude oil for September delivery was down 41 cents to $77.09 a barrel while gold for August delivery advanced $1.90 to $1,159.90 per ounce.

In bonds, the yield on the 10-year note fell to 3.04% from 3.05% on Tuesday, after treasury prices increased.