Stocks started off strong on Tuesday, dipped later in the day, and then squeaked into the green.
It was certainly a nail-biter watching the Dow into the close, which oscillated between -0.01% and +0.01% in the last few minutes of trade. But, you can breathe a sigh of relief, America, because it, too, closed up.
This was the 19th day in a row that the S&P 500 moved less than 1% in either direction.
Let’s head to the scoreboard:
- Dow: 18,532.57 (+3.28, +0.02%)
- S&P 500: 2,181.73 (+0.84, +0.04%)
- Nasdaq: 5,225.48 (+12.34, 0.24%)
- WTI Crude oil: $42.76 (-0.26, -0.60%)
- 10-year Treasury yield: 1.542 (-0.043, -2.72%)
- Olympic Medal Count: Stay up to date with every country’s medal count here.
1. Valeant shot up over 20% after reporting mixed earnings. Valeant earned an adjusted $1.40 per share ($1.47 expected) on revenue of $2.42 billion ($2.46 billion expected) during the second quarter. The firm did, however, beat on GAAP earnings with a loss of $0.88 (-$0.92 expected).
2. Carl Icahn thinks Republican Presidential nominee Trump did a great job outlining his vision for the economy. In an appearance with CNBC’s Scott Wapner following the tweets, Icahn said that he didn’t understand why any worker would vote for a candidate other than Trump.
3. Jim Grant says gold isn’t a hedge on chaos — it’s an investment in chaos. “Radical monetary policy begets more radical policy,” Grant said. “It seems to me, at some point, markets or voters will put a stop to this.”
4. India’s central bank made its last policy decision under Raghuram Rajan. The Reserve Bank of India held rates at 6.50%, as economists were expecting.
5. There are too many hedge funds. That’s according to a Barclays survey, released this week, of 340 investors managing $8 trillion in total, reports Rachael Levy.
6. Credit Suisse’s CEO dodged an important question. Credit Suisse CEO Tidjane Thiam was candid during an interview with Bloomberg Markets’ Francine Lacqua published Tuesday, but he was less transparent on one important point. When asked about his relationship with his investment bankers, Thiam dodged the question.
7. The CFA Level 3 results came in. 54% of test-takers passed the third and final level of the exam.
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