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Sluggish GDP Weighs Down Markets

Published: 07/30/10 02:13 PM EDT

Sluggish expansion of the nation's gross domestic product weighed down the markets during the midday with the Dow dropping 47 points to 10,420. Nasdaq slipped 5 points to 2246.

Sluggish expansion of the nation's gross domestic product weighed down the markets during the midday with the Dow dropping 47 points to 10,420. Nasdaq slipped 5 points to 2246.

On the upside

Trident Microsystems (TRID) reported a narrower than expected loss for the second quarter.

American Axle & Manufacturing (AXL) swung to a better than expected second quarter profit as revenue more than doubled.

Macatawa Bank (MCBC) reversed year ago losses to post its first profit in seven quarters as loan loss provisions plunged.

On the downside

BioScrip (BIOS) reported lower second quarter earnings that fell short of estimates and warned of weak full year revenue.

Genworth Financial (GNW) swung to a second quarter profit but the results missed expectations and warned of slowing sales in the second half of the year.

While Louisiana-Pacific (LPX) reversed year ago losses to post a profit for the second quarter, the results fell short of analyst estimates.

In the broad market, declining barely edged out advancers by a slim margin on the NYSE while advancers outpaced decliners by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 650.

Today
05:22 PM		Economists Trim Growth Outlook, Markets Close Modestly Higher The markets retreated from earlier highs but still closed in positive territory with the Dow rising 46 points to 10,387 after economists trimmed their growth outlook for the nation's economy. Nasdaq gained 19 points to 2228.
02:03 PM		Job Openings Rise, Markets Advance An uptick in job openings in July lifted the markets higher during the midday with the Dow gaining 77 points to 10,418. Nasdaq climbed 25 points to 2234.
10:46 AM		Markets Open Higher As Portugal's Debt Auction Garners Strong Demand Portugal's debt auction sparked strong demand to lift the markets to a higher open with the Dow climbing 73 points to 10,414. Nasdaq gained 16 points to 2225.
Tue, Sep 07, 2010
05:46 PM		Markets Close Lower Over Risky European Debt The markets closed lower with the Dow plummeting 107 points to 10,340 after revelations that European banks may be holding more risky debt than originally disclosed. Nasdaq plunged 24 points to 2208.
02:05 PM		European Debt Concerns Sink Stocks Renewed concerns about risky European bank debt sent the markets down during the midday with the Dow falling 80 points to 10,368. Nasdaq tumbled 19 points to 2214.
10:50 AM		Risky European Debt Weighs Markets Down To Lower Open Concerns that European banks may hold more risky debt than previously revealed sent the markets down to a lower open with the Dow dropping 89 points to 10,358. Nasdaq fell 17 points to 2216.
Mon, Sep 06, 2010
10:28 AM		U. S. Markets Closed U. S. markets are closed in observance of the Labor Day holiday.
Fri, Sep 03, 2010
05:38 PM		Impressive Job Creation Numbers Lift Markets To Higher Close More jobs than expected were created by private employers last month to lift the markets to a higher close with Dow soaring 127 points to 10,447. Nasdaq surged 33 points to 2233.
01:46 PM		Markets Advance Over Upbeat Jobs Report An upbeat jobs report lifted the markets higher during the midday with Dow gaining 85 points to 10,405. Nasdaq climbed 21 points to 2221.
10:50 AM		Upbeat Jobs Report Lifts Markets To Higher Open Private employers added more jobs than expected in August to lift the markets to a higher open with Dow climbing 83 points to 10,404. Nasdaq gained 23 points to 2224.
Thu, Sep 02, 2010
05:39 PM		Drop In Jobless Claims Lifts Markets To Higher Close A drop in initial applications for unemployment benefits lifted the markets to a higher close with Dow gaining 50 points to 10,320. Nasdaq climbed 23 points to 2200.
02:22 PM		Markets Flat As Factory Orders Rise Less Than Expected The markets traded near the flatline with Dow adding a point to 10,270 as factory orders rose less than expected in July. Nasdaq gained 10 points to 2187.
10:50 AM		Increase In Pending Home Sales Lifts Markets To Higher Open An increase in pending home sales lifted the markets to a higher open with the Dow edging up 3 points to 10,272. Nasdaq gained 11 points to 2188.
Wed, Sep 01, 2010
05:53 PM		Markets Surge To Sharply Higher Close As Manufacturing Activity Expands Investors embraced an unexpected gain in the Institute for Supply Management's manufacturing index to send the markets soaring to a sharply higher close with the Dow surging 254 points to 10,269. Nasdaq leaped 62 points to 2176.
02:15 PM		Manufacturing Activity Expands, Markets Soar Manufacturing activity expanded more than expected in August to boost the markets during the midday with the Dow surging 238 points to 10,253. Nasdaq jumped 58 points to 2172.
10:42 AM		Surprise Gain In Manufacturing Activity Lifts Markets To Sharply Higher Open A surprising gain in manufacturing activity lifted the markets to a sharply higher open with the Dow leaping 228 points to 10,242. Nasdaq soared 54 points to 2168.
Tue, Aug 31, 2010
05:28 PM		Flat Close As Fed Minutes Reveal Economy Weaker Than Expected The markets retreated to close flat after the release of Federal Reserve meeting minutes revealed that officials admitted that the economy was weaker than they had expected. The Dow added 4 points to 10,044 while Nasdaq slipped 5 points to 2114.
02:06 PM		Consumer Confidence Rises More Than Expected, Markets Advance The markets traded higher during the midday with the Dow gaining 34 points to 10,044 as consumer confidence climbed more than expected last month. Nasdaq edged up a point to 2122.
10:31 AM		Surprise Gain In Consumer Confidence Lifts Markets To Higher Open A strong gain in consumer confidence lifted that markets to a higher open with the Dow rising 26 points to 10,036. Nasdaq added 3 points to 2123.
Mon, Aug 30, 2010
05:35 PM		Markets Tumble As Personal Incomes Rise Less Than Expected Personal incomes inched up by a smaller than expected 0.2% last month to send the markets tumbling to a lower close with the Dow plunging 140 points to 10,009. Nasdaq plummeted 33 points to 2119.
02:04 PM		Personal Income Rises Less Than Expected, Markets Lower A disappointingly small gain in July personal income weighed the markets down during the midday with the Dow falling 58 points to 10,091. Nasdaq dropped 13 points to 2139.
10:47 AM		Lower Open As Personal Income Disappoints Consumer spending posted a strong 0.4% increase in July but personal income rose by a less than expected 0.2%. The markets opened lower with the Dow losing 50 points to 10,100 while Nasdaq fell 11 points to 2142.
Fri, Aug 27, 2010
05:23 PM		Fed Will Jumpstart Economy, Markets Soar Federal Reserve chairman Ben Bernanke reassured investors that the Fed will take necessary actions to jumpstart the stalled economic recovery. The markets closed sharply higher with the Dow leaping 164 points to 10,150 while Nasdaq surged 34 points to 2153.
02:09 PM		Markets Soar As Economy Expands Investors greeted news that the economy expanded, although at a slower pace, by boosting the markets higher during the midday with the Dow surging 125 points to 10,111. Nasdaq climbed 24 points to 2142.
10:52 AM		Higher Open Even As Economic Growth Slows The nation's economic growth slowed in the second quarter to a pace of 1.6% but the markets opened higher with the Dow rising 21 points to 10,007 as investors welcomed even a modest expansion of the troubled economy. Nasdaq added 3 points to 2122.
Thu, Aug 26, 2010
05:42 PM		Economic Worries Sink Stocks Despite a drop in first time jobless claims, the markets closed lower with the Dow dropping 74 points to 9985 over persistent concerns about the economy. Nasdaq tumbled 22 points to 2118.
02:19 PM		Double Dip Recession Concerns Weigh Down Stocks The markets drifted into negative territory during the midday with the Dow losing 21 points to 10,038 amidst concerns of a double dip recession. Nasdaq slipped 6 points to 2135.
10:52 AM		Jobless Claims Fall, Markets Open Higher A drop in jobless claims lifted the markets to a higher open with the Dow rising 10 points to 10,070. Nasdaq added 4 points to 2145.
Wed, Aug 25, 2010
05:42 PM		Markets Recover To Close Modestly Higher The markets recovered in late afternoon trading to close modestly higher with the Dow rising 19 points to 10,060. Nasdaq gained 17 points to 2141.
01:53 PM		Record Low New Home Sales, Markets Fall Record low new home sales weighed down the markets during the midday with the Dow losing 46 points to 9994. Nasdaq slipped 5 points to 2118.
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