The Federal Reserve released its Beige Book which indicated that four of the twelve districts no longer showed improving economic activity, with two reporting “steady” conditions and two reporting softness. Details from Bloomberg...
Durable goods orders fell 1.0% month-over-month in June, versus the forecast of a 1.0% increase by economists, and ex-transportation, orders declined 0.6%, compared to the expectation of a 0.4% increase. The drop in the headline rate was the second-straight monthly decline and added to recent reports that suggest manufacturing activity is leveling off.
The Dow Jones Industrial Average fell 40 points (0.4%) to close at 10,498, while the S&P 500 Index declined 8 points (0.7%) to finish at 1,106, and the Nasdaq Composite lost 24 points (1.0%) to 2,265. Crude oil fell $0.51 to $76.99 per barrel, and the Bloomberg gold spot price gained $1.70 to $1,163.30 per ounce.
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