Mixed finish for US stocks

Gains in health care and technology sector stocks keep the momentum going

US stocks ended in a mixed note on Wednesday, 23 July 2014. The Dow Jones Industrial Average spent the entire session below its flat line. The day was heavy in terms of earning reports.

The Dow Jones Industrial Average closed lower by 26.91 points, or 0.2%, at 17,086.63. The Nasdaq Composite ended the session up 17.68 points, or 0.4%, to 4,473.70. The S&P 500 closed 3.48 points, or 0.2%, higher at 1,987.01.

Five out of ten sectors ended in the green led by healthcare and energy sectors.

Gains in health care and technology sector stocks on the back of impressive profits from Biogen and Apple pushed the S&P 500 to close at a record on Wednesday.

The market place Wednesday showed a muted reaction to reports that two Ukrainian military jets were shot down by Russian rebels. Still, there is a bit more investor and trader risk appetite in the market place at mid-week. But the Russia-Ukraine crisis and the Israel-Hamas fighting remain on the front burner of the market place.

Commodities, U.S. Treasuries and the U.S. dollar are safe-haven assets that have been and likely will continue to be supported from the heightened world tensions.

U.S. economic data released Wednesday was light and included the weekly mortgage applications survey and the weekly liquid energy stocks report. MBA Mortgage Index, rose 2.4% to follow last week's 3.6% decline.

In terms of earning reports, Boeing shares fell 2.3% even as the plane manufacturer lifted its core earnings-per-share outlook for 2014. PepsiCo rallied 2% after the company's second-quarter profit beat estimates and it lifted earnings guidance.

Apple shares rose 2.6% after earnings that topped expectations. After the close, Facebook reported second-quarter earnings that topped estimates as revenue surged 61%. Shared rallied 3% in after-hours trading.

Bullion prices ended little lower at Comex on Wednesday, 23 July 2014 at Comex. Gold prices fell for a second session on Wednesday as stronger stocks lured investors away but lingering geopolitical risks provided some support.

Gold for August edged down $1.60, or 0.1%, to settle at $1,304.70 an ounce. September silver shed a penny to $21 an ounce.

Crude-oil futures rose on Wednesday, 23 July 2014 after a U.S. government report showed a larger-than-expected decline in U.S. inventories.

Crude oil for September delivery, the new front-month contract, rose 73 cents, or 0.7%, to settle at $103.12 a barrel on the New York Mercantile Exchange. Oil futures have been up for four of the latest six sessions.

In the weekly inventory report, the Energy Information Administration said crude inventories declined 4 million barrels in the week ended 18 July, more than the 2.6-million-barrel drop that market had expected. The EIA said gasoline supplies added 3.4 million barrels in the week, while distillates, which include heating oil, increased 1.6 million barrels. Market had expected gasoline supplies up 1.2 million barrels, while distillate supplies were seen up 1.8 million barrels.

Participation was well below average with less than 570 million shares changing hands at the NYSE.

Tomorrow, weekly initial claims will be reported at 8:30 ET, while the New Home Sales report for June (consensus 475K) will cross the wires at 10:00 ET. On the earnings front, 3M, American Airlines, Caterpillar, Ford Motor and General Motors will report ahead of the opening bell.

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