Markets rallied late, but only made marginal gains.
First, the scoreboard:
- Dow up 0.56%
- S&P 500 up 0.60%
- NASDAQ up 0.88%
Now, here are the top stories:
- The plug that was previously believed to have stopped the flow of oil from the leak in the Gulf of Mexico has failed. The BP leak now appears to be coming from the cap, but not the ocean floor. The leak from the ocean floor is said to be a natural occurrence. BP’s stock fell today, down over X%
- Hypo Real Estate, a nationalized German lender, has failed the European bank stress test, according to CNBC.
- Otherwise, this was a weak news day. The summer doldrums continue, but for concerns over financial regulation, BP, and the European banking stress tests, which are producing an uneasy market.
- There will be earnings tomorrow from Goldman Sachs.