Stocks spent most of the day in the green, and they dipped briefly into the red. And at the close, they basically ended flat for the day.
First, the scoreboard:
- Dow: 15,520.5, -1.3, -0.0%
- S&P 500: 1,685.9, +0.6, +0.0%
- NASDAQ: 3,616.4, +17.3, +0.4%
And now, the top stories:
- The U.S. stock markets aren’t too far from their all-time highs. While some sceptics are standing by for a sell-off, the biggest investors are actually moving money back in. “After near-record net sales by institutional clients in mid July, and following five weeks of outflows, institutions became net buyers of US stocks this past week,” said Bank of America Merrill Lynch’s Savita Subramanian. “Flows at extremes can signal a shift in trends, as late last year we saw capitulation by private clients which preceded two months of net buying in by this group.”
- U.S. home prices, as measured by S&P/Case-Shiller, increased by 12.17% year-over-year in May. This was just a hair shy of the 12.40% increase expected by economists. Still, every city covered by the 20-city index exhibited gains.
- “Dallas and Denver reached record levels surpassing their pre-financial crisis peaks set in June 2007 and August 2006,” highlighted the report. “This is the first time any city has made a new all-time high.”
- The Conference Board’s index of consumer confidence fell to 80.3 in July from 82.1 in June. This was below expectations for a reading of 81.3. “Consumer Confidence fell slightly in July, precipitated by a weakening in consumers’ economic and job expectations,” said the Conference Board’s Lynn Franco. “However, confidence remains well above the levels of a year ago. “
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