PortfolioCrafter - Market Commentary 7/29/05
July 29th, 2005 / 7:15 pm / by portfoliocrafter
It was a day of losses for the U.S. stock market, due to a report of second-quarter gross domestic product of 3.4 percent, which fell short of investors’ expectations. The Dow closed at 10,640.91, after falling 64.64 points. Besides, the Nasdaq closed at 2,184.83, after falling13.61 points. Meanwhile, the S&P fell 9.54 points, to close at 1,234.18.
Crude futures this Friday closed above $60 per barrel for the first time in two weeks, rising 63 cents, to close at $60.57 a barrel, lifted by supply and production concerns linked to refinery fires. Crude for September delivery traded as high as $61.05 a barrel on the New York Mercantile Exchange, but it closed at $60.57, which shows an increase of 63 cents.
Two of the biggest losers in the S&P were financial services, such as Citigroup, and Wells Fargo. Citigroup, the largest financial services company, lost 36 cents, to close at $43.50. Wells Fargo, the leading U.S home-equity lender, declined 60 cents, to close at $61.34.
On the other hand, companies that reported positive earnings included Whole Foods Market Inc., and MetLife Inc. Whole Foods rallied $14.19 to close at $136.51. According to the first U.S natural-foods grocer, profit last quarter climbed to 60 cents per share from 48 cents last year. MetLife rose $1.08 to close at $49.14. The company said that second-quarter profit excluding some items was $1.17 per share, which exceeded analysts’ expectations.
All the best,
Manuel Jesus-Backus
The Portfolio Crafter
