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Dow Jones Industrial Average Bounces Back, Despite GDP Drop

Gold extends its winning streak to six sessions

by 6/25/2014 4:18:26 PM
Stocks quoted in this article:

Weaker-than-expected economic data couldn't keep stocks down today. A steeper-than-anticipated drop in durable goods didn't faze the bulls, and optimism prevailed despite a sharper-than-estimated contraction in first-quarter gross domestic product (GDP). By the close, the Dow Jones Industrial Average (DJIA) pared a portion of Tuesday's losses, with most major market indexes settling near their intraday highs.

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The Dow Jones Industrial Average (DJI - 16,867.51) advanced 49.4 points, or 0.3%, as 23 of its 30 components ended higher. Nike Inc (NYSE:NKE) enjoyed a 2% jump ahead of tomorrow's earnings release, leading the advancing blue chips, while The Boeing Company (NYSE:BA) paced the declining minority with a 1.6% retreat.

The S&P 500 Index (SPX - 1,959.53) settled near its session high, adding 9.6 points, or 0.5%. The Nasdaq Composite (COMP - 4,379.76) fared the best of its peers, gaining 29.4 points, or 0.7%, by the bell.

The CBOE Volatility Index (VIX - 11.59) moved back below the 12 level, shedding 0.5 point, or 4.5%.

CLOSING SUMMARY – INDICES

CLOSING SUMMARY – NYSE AND NASDAQ

5 Items on Our Radar Today:

  1. First-quarter GDP fell at an annual rate of 2.9%, the Commerce Department said, marking the steepest decline in five years. The final GDP reading was much weaker than the previous estimate of a 1% drop, and sharper than economists' estimates for a 1.7% decline. (Reuters)
  2. On a brighter note, the U.S. services sector grew at the fastest pace on record (4.5 years) in June, and Chris Williamson, chief economist at Markit, said second-quarter GDP growth of 3% "would not be a surprise." Meanwhile, orders for durable goods fell a seasonally adjusted 1% last month, but rose 0.6% when excluding military orders. (CNBC; MarketWatch)
  3. Google Inc (NASDAQ:GOOGL) hosted its annual I/O developers conference today, where the tech titan unveiled Android TV and a line of smartwatches. (MarketWatch)
  4. Twitter Inc (NYSE:TWTR) option traders wagered on an end-of-week slump for the microblogging concern.
  5. On the other hand, short-term option bulls circled Bank of America Corp (NYSE:BAC).
EARNINGS

For a look at today's options movers and commodities activity, head to page 2.

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