SmarTrend Market Close Wrap-Up: July 28, 2010 - Markets Lower of Fed Beige Book Assessment

"Last updated July 28, 2010: 5:00 PM ET --- The major U.S. equity indices closed lower Wednesday following a weak durable goods report and a downbeat assessment of the economy from the Federal Reserve's beige book. The Commerce Department said that durable goods orders fell 1% in June, short of the 1% increase that economists had expected. Excluding the transportation sector, orders fell 0.6%. The Fed's beige book assessment indicated that activity was not as robust in a few districts and had lost steam over the past several weeks. In corporate news, Varian Medical Systems (NYSE:VAR) reported Q3 EPS of $0.74, topping consensus estimates of $0.65. Revenues rose 13% year-over-year to $578.0 million, ahead of consensus estimates of $570.10 million. Akamai Technologies (NASDAQ:AKAM) reported Q2 EPS of $0.34, in line with consensus estimates of $0.34. Revenues rose 20% year-over-year to $245.3 million, topping consensus estimates of $243.27 million. The Dow Jones Industrial Average (DJI) closed 0.38% lower at 10,497.88, the S&P500 (INX) closed 0.69% lower at 1,106.13, and the Nasdaq Composite (IXIC) closed 1.04% lower at 2,264.56.
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Category:

News & Politics

Tags:

• Federal
• Reserve
• Commerce
• Department
• Beige
• Book
• Varian
• Medical
• Systems
• VAR
• Akamai
• Technologies
• AKAM
• S&P
• 500
• NASDAQ
• DJIA