Stocks edge higher in quiet trading

Stock benchmarks drifted higher in a quiet session without any major economic news; the leading indexes still finished the week with losses, led by the Russell 2000's 3.9% descent.

The financial sector lagged, as Wells Fargo's Q2 results indicated a continued slowdown in its mortgage business and narrowing net interest margin; energy stocks fell as Nymex crude oil futures dropped below $101/bbl to the lowest close in two months.

Participation was well below average with only 571M shares changing hands on the NYSE floor.

Activity should pick up next week, as big banks including Citigroup, JPMorgan Chase and Goldman Sachs are scheduled to report; in the tech sector, Yahoo, Intel and eBay are on deck.

Treasury prices posted modest gains, with the 10-year note adding 5 ticks to send its yield lower by 2 bps to 2.52%.

Comments (1)
  • John Georgiou
    , contributor
    Comments (234) | Send Message
    next week will mixed and small caps will suffer
    12 Jul 2014, 11:32 AM Reply Like
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