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Quick Look Market Closing Price:
At the close:
- Dow -0.05% to 15514. S&P +0.07% to 1687.
- Nasdaq +0.27% to 3626.
- Treasurys: 30-year +0.28%. 10-yr +0.09%. 5-yr +0.01%.
- Commodities: Crude +1.95% to $105.09. Gold -0.12% to $1323.15.
- Currencies: Euro +0.32% vs. dollar. Yen -0.13%. Pound +0.19%.
Market recap:Stocks wrapped up the final trading day of the month on a flat note, but still logged their best July since 2010, as the Federal Reserve said it will maintain its bond-buying policy in its ongoing effort to bolster the economy.
"The Fed didn't change too much in its statement," said Michael Sheldon, chief market strategist at RDM Financial Group. "While the FOMC is likely to start tapering its asset purchase program before too long, Bernanke has reminded us that he is aware of the fact that rising rates can have an effect on the economy and inflation remains low. These two factors indicate that the Fed will likely not be in a big rush unless economic data strengthens faster than expected."
Stocks traded near session highs shortly after the market open, with the Dow hitting a fresh high, boosted by a pair of better-than-expected economic reports. Stocks erased their gains soon after and chopped around in a narrow range following the Fed's widely-anticipated statement.
"The Fed didn't change too much in its statement," said Michael Sheldon, chief market strategist at RDM Financial Group. "While the FOMC is likely to start tapering its asset purchase program before too long, Bernanke has reminded us that he is aware of the fact that rising rates can have an effect on the economy and inflation remains low. These two factors indicate that the Fed will likely not be in a big rush unless economic data strengthens faster than expected."
Stocks traded near session highs shortly after the market open, with the Dow hitting a fresh high, boosted by a pair of better-than-expected economic reports. Stocks erased their gains soon after and chopped around in a narrow range following the Fed's widely-anticipated statement.
After Hours News:
Separately, the company has been in a fee dispute with distributor Time Warner Cable. The companies have set a Friday deadline after a previous deal expired in June.
Yelp - The rating and review services website posted a loss of a penny a share on revenue of $55 million, topping forecasts for a loss of 4 cents a share on sales of $53 million. Shares soared in extended-hours trading.
Allstate - The insurance company posted earnings of $1.12 a share on revenue of $7.15 billion, easily beating projections for 98 cents a share on sales of $7 billion. Shares rose in extended-hours trading.
Metlife - The financial services and insurance company reported earnings of $1.44 a share, excluding one-time items, topping estimates for $1.33 a share, while revenue was lighter than expected at $17.04 billion, versus Wall Street expectations for $17.33 billion.
Boston Beer - The beer manufacturer posted earnings of $1.45 a share on sales of $181 million, beating estimates for $1.35 a share on revenue of $175 million. In addition, the company raised its full-year earnings outlook. Shares were temporarily halted in extended-hours trading.
Marriott - The hotel chain reported earnings of 57 cents a share, in line with estimates, while revenue edged past expectations at $3.26 billion versus $3.21 billion. In addition, the company handed in current-quarter and full-year earnings guidance that missed Street expectations. Shares declined in extended-hours trading.
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