Daily Wrap: July 25, 2013 Thursday, July 25, 3:37 PM ET
After spending most of the day in negative territory, the Dow Jones Industrial Average and the S&P 500 have crept into positive territory this afternoon. While the two indices are struggling to stay above breakeven, the Nasdaq has had no trouble as the index has been in positive territory for most of the day. Supporting the Nasdaq has been strong earnings from Facebook (NASDAQ:FB), which said mobile advertising accounted for 40% of its revenue in the second quarter, and Qualcomm (NASDAQ:QCOM) which topped analyst estimates despite weakness in the smartphone market.
Strong earnings were not isolated to just the tech sector today, as General Motors (NYSE:GM) reported stronger-than-expected earnings of $1.2 billion, or 75 cents per share, on revenue of $39.1 billion. And United Continental (NYSE:UAL) reported second quarter earnings of $469 million, or $1.21 per share, despite passenger volumes dropping by 2%. The decline in volumes were offset by higher fares as revenues increased by 1% to $10 billion.
In economic news, the Labor Department reported initial jobless claims rose by 7,000 to a seasonally adjusted rate of 343,000 claims.
After the bell today, investors will have reports from Amazon.com (NASDAQ:AMZN) and Cliffs Natural Resources (NYSE:CLF), and in the morning, from NV Energy (NVE) and Newell Rubbermaid (NYSE:NWL).
Gigamon Larger Than S&P 500 Component Coty Wednesday, October 26, 4:40 PM ET, by Market News Video Staff In the latest look at stocks ordered by largest market capitalization, Russell 3000 component Gigamon ...
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