Indices closed in the green zone today on Wall Street. Intel, Microsoft, and IBM led advancers on the Dow. Brands posted gains on varied economic data. The Federal Reserve released its Beige Book report Wednesday. Covering economic activity for June and early July, the report showed the economy grew at a “modest to moderate” pace in most districts, though retail sales and manufacturing slowed in some regions. On another note, the Commerce Department said that housing starts jumped 6.9% in June to an annual rate of 760,000, while May housing starts were revised higher to 711,000 annualized units from 708,000. Economists had expected 745,000 new starts in June. IBM reported quarterly details after the closing bell, Big Blue said second-quarter profit hit $3.88 billion, or $3.34 a share, up from $3.66 billion, or $3.00 a share, a year ago.
Disclosures:
All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.