No New Stimulus Measures, Markets Close Lower
The Federal Reserve announced no new economic stimulus measures to weigh the markets down to a lower close with the Dow losing 32 points to 12,976. Nasdaq fell 19 points to 2920.
On the upside
An appeals court sided with InterDigital (Nasdaq: IDCC) in its patent infringement claim against Nokia (NYSE: NOK).
Vonage (NYSE: VG) swung to a loss for the second quarter but the results were better than expected.
Resolute Forest Products (NYSE: RFP) reported a second quarter loss but the results surpassed analyst expectations.
On the downside
Second quarter earnings fell for Digital River (Nasdaq: DRIV) and the company forecast current quarter as well as full year result below analyst expectations.
Con-way (NYSE: CNW) reported sharply higher second quarter earnings but the results missed estimates.
Sourcefire (Nasdaq: FIRE) swung to a profit for the second quarter but security software firm forecast current quarter earnings below expectations.
In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks sank 15 points to 771.
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