US close: Dow Jones Industrials finishes higher for sixth month in a row

Wall Street´s main market gauges closed out July on a mixed note but nonetheless at multi-month highs despite the release of a weaker-than-expected reading on headline gross domestic product.

The Dow Jones Industrial Average finished the session 0.13% or 24.11 points lower at 18,432.24, while the S&P 500 edged higher by 0.16% or 3.54 points to 2,173.60 and the Nasdaq tacked on another 0.14% or 7.15 points to 5,162.13.

Friday´s performance meant the DJI closed higher for a sixth successive month, alognside a five-month streak of higher closes for the S&P 500.

US gross domestic product grew at an annual rate of 1.2% compared to 0.8% growth in the first quarter and expectations for a 2.6% increase, according to preliminary data released by the Commerce Department. First-quarter growth was revised down from a previous estimate of 1.1%.

However, personal consumption rose at a 4.2% clip in the second quarter, while spending on services was up 3%.

The Commerce Department also released annual revisions, which showed the economy grew 2.6% in 2015 from the year before. This was the biggest yearly gain since 2006.

Dennis de Jong, managing director at UFX.com, said: “Memories of the US economy being shaken by China’s meltdown and rock bottom oil prices seem a long time ago now, but today’s GDP numbers show the world’s largest economy is facing a new set of challenges in sluggish growth and weak spending.

“Regaining momentum in the wake of an unsettled European market will be the next challenge for Janet Yellen and Co. If the US economy can get back on track and prove to be resilient in the face of Brexit then Yellen may just think it’s time for another interest rate hike come Autumn.”

Capital Economics said the data makes a September interest-rate hike much less likely. By the time of the closing bell in New York, Fed funds futures were pricing in just a 33.0% chance that the Fed might raise rates by 25 basis points by the time of its 14 December policy meeting.

Meanwhile, consumer sentiment in the US deteriorated a touch more than expected in July amid concerns about the UK’s vote to leave the European Union. The University of Michigan’s final reading of the consumer sentiment index fell to 90.0 from 93.5 in June and 93.1 in July last year. Economists had been expecting a decline to 90.5.

The Chicago purchasing managers’ index slipped to 55.8 in July from 56.8 in June, beating forecast for a reading of 54 and above the 50 level that separates expansion from contraction.

In corporate news, Cigna Corp slumped as it slashed its guidance for the year and posted worse-than-expected second quarter earnings.

Xerox gained after it reported quarterly profit that beat forecasts as it cut costs.

UPS edged lower as it reported in line second quarter earnings.

Exxon Mobil Corp dropped as the oil producer’s second quarter profit trailed estimates.

Amazon was higher after its second-quarter earnings late on Thursday beat expectations.

Alphabet was also in the black after Google’s earnings late on Thursday surpassed estimates.

By industrial groups, the day´s best performers were: Platinum (7.44%), Brewers (4.51%) and Gold (3.08%).

In commodity markets, oil prices gained, with West Texas Intermediate ending the day 48 cents up at $41.60 per barrel on NYMEX.

The yield on the benchmark 10-year US Treasury note retreated by five basis points to 1.45% while that on the two-year note declined by another five basis points to 0.66%.

S&P 500 - Risers
Newell Brands Inc (NWL) $52.46 +6.22%
Essex Prty Trust Inc. (ESS) $233.88 +6.02%
Devon Energy Corp. (DVN) $38.28 +5.95%
Molson Coors Brewing Co. Class B (TAP) $102.16 +4.51%
Chesapeake Energy Corp. (CHK) $5.42 +4.43%
Principal Financial Group (PFG) $46.63 +4.29%
Diamond Offshore Drilling Inc. (DO) $22.72 +4.27%
Cimarex Energy Co (XEC) $120.02 +4.23%
Hanesbrands Inc. (HBI) $26.66 +3.94%
Xerox Corp. (XRX) $10.30 +3.94%

S&P 500 - Fallers
Stericycle Inc. (SRCL) $90.27 -14.78%
Western Digital Corp. (WDC) $47.51 -11.53%
Hartford Financial Services Group Inc. (HIG) $39.85 -9.29%
Eastman Chemical Co. (EMN) $65.23 -7.30%
Wynn Resorts Ltd. (WYNN) $97.95 -6.41%
CIGNA Corp. (CI) $128.96 -5.17%
LyondellBasell Industries (LYB) $75.26 -4.76%
CBS Corp. (CBS) $52.22 -3.67%
Leggett & Platt Inc. (LEG) $52.57 -3.59%
Lam Research Corp. (LRCX) $89.77 -3.56%

Dow Jones I.A - Risers
Verizon Communications Inc. (VZ) $55.41 +1.00%
Procter & Gamble Co. (PG) $85.59 +0.92%
Microsoft Corp. (MSFT) $56.68 +0.84%
Chevron Corp. (CVX) $102.48 +0.68%
Johnson & Johnson (JNJ) $125.23 +0.62%
Pfizer Inc. (PFE) $36.89 +0.60%
Boeing Co. (BA) $133.66 +0.49%
Merck & Co. Inc. (MRK) $58.66 +0.39%
Unitedhealth Group Inc. (UNH) $143.20 +0.31%
Intel Corp. (INTC) $34.86 +0.26%

Dow Jones I.A - Fallers
McDonald's Corp. (MCD) $117.65 -1.48%
Visa Inc. (V) $78.05 -1.44%
Exxon Mobil Corp. (XOM) $88.95 -1.39%
Travelers Company Inc. (TRV) $116.22 -1.18%
Goldman Sachs Group Inc. (GS) $158.81 -1.07%
American Express Co. (AXP) $64.46 -0.51%
International Business Machines Corp. (IBM) $160.62 -0.46%
Wal-Mart Stores Inc. (WMT) $72.97 -0.37%
General Electric Co. (GE) $31.14 -0.35%
JP Morgan Chase & Co. (JPM) $63.97 -0.20%

Nasdaq 100 - Risers
Liberty Media Corporation - Series C (LMCK) $22.42 +5.80%
Liberty Media Corporation - Class A (LMCA) $22.70 +5.53%
Regeneron Pharmaceuticals Inc. (REGN) $425.12 +3.43%
Alphabet Inc. Class A (GOOGL) $791.34 +3.33%
Alphabet Inc. Class C (GOOG) $768.79 +3.07%
Liberty Global plc Series C (LBTYK) $30.95 +2.42%
Incyte Corp. (INCY) $90.21 +2.37%
Sba Communications Corp. (SBAC) $115.00 +2.24%
Bed Bath & Beyond Inc. (BBBY) $44.95 +2.00%
Priceline Group Inc (PCLN) $1,350.81 +1.86%

Nasdaq 100 - Fallers
Stericycle Inc. (SRCL) $90.27 -14.78%
Western Digital Corp. (WDC) $47.51 -11.53%
Baidu Inc. (BIDU) $159.60 -3.64%
Lam Research Corp. (LRCX) $89.77 -3.56%
Automatic Data Processing Inc. (ADP) $88.95 -3.03%
Endo International Plc (ENDP) $17.36 -2.96%
American Airlines Group (AAL) $35.50 -2.31%
KLA-Tencor Corp. (KLAC) $75.71 -2.25%
JD.com, Inc. (JD) $21.65 -2.21%
Gilead Sciences Inc. (GILD) $79.47 -2.18%