Benchmarks Close Higher Despite Dismal GDP, Jobless Data

The Dow and S&P 500 nabbed record intraday highs

Deputy Editor

Jul 29, 2021 at 4:34 PM

The major indexes finished higher today, despite a slew of disappointing economic data. The Dow and S&P 500 pulled back slightly from intraday highs, while the Nasdaq ended the day firmly in the black. The U.S. gross domestic product (GDP) rose 6.5% year-over-year in the second quarter, which is much lower than the Dow Jones estimate of 8.4%. Plus, initial jobless claims for last week came in at 400,000 -- higher than the anticipated 385,000. However, consumer spending did jump 11.8% in the second quarter.

Continue reading for more on today's market, including:

A look at AMZN ahead of its quarterly report.
Facebook stock bombarded with bull notes after earnings.
Plus, breaking down cash-settled options; UBER slammed after Softbank's sells some stake; and CMCSA's post-earnings peak.

The Dow Jones Average (DJI - 35,084.53) added 153.6 points, or 0.4%. Of the 30 Dow components, Travelers (TRV) was at the top of the list today, adding 1.4%, while Merck & Co (MRK) landed at the bottom of the list with a 1.8% drop.

Meanwhile, the S&P 500 Index (SPX - 4,419.15) rose 18.5 points, or 0.4%, and the Nasdaq Composite (IXIC - 14,778.26) gained 15.7 points, or 0.7%.

Lastly, the Cboe Volatility Index (VIX - 17.70) lost 0.6 point, or 3.3%.

closing index summary july 29

nyse and nasdaq july 29

A subsidiary of Entergy Texas Inc. is looking to build a natural gas and hydrogen-fueled plant that would provide more than 7,000 jobs and be capable of powering more than 230,000 homes. (Marketwatch)
President Joe Biden is calling on Congress to extend the national eviction ban, which will expire in two days. (CNBC)
Back to the basics with how cash-settled options work.
Softbank's stake sale sends Uber stock lower.
CMCSA climbs to record highs after earnings.

Unusual Options Activity July 29

Oil, Gold Jump Higher

Oil prices rose for the second-straight day. September-dated crude rose $1.23, or 1.7%, to settle at $73.62 a barrel, extending its two-week highs.

Gold futures surged today, amid the slew of dismal economic data. August-dated gold climbed 1.8% to settle at $1,831.20 per ounce.

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