Modestly Higher Close As Bond Yields Slip
The markets closed modestly higher with the Dow adding 21 points to 13,117 as Spanish and Italian bond yields slipped. Nasdaq gained 22 points to 2989.
On the upside
Wells Fargo expects second quarter earnings for NII Holdings (Nasdaq: NIHD) to beat analyst expectations.
AK Steel (NYSE: AKS) will raise spot market base prices for all flat-rolled steel products by $30 per ton.
The Food and Drug Administration approved ViroPharma's (Nasdaq: VPHM) Cinryze Biologics License Application for industrial scale production.
On the downside
Profit taking sank shares of Supervalu (NYSE: SVU), whose stock price rose last week after naming chairman Wayne Sales as its new chief executive. Tesco (Nasdaq: TESO) reported higher second quarter earnings but revenue fell short of expectations.
GEVO (Nasdaq: GEVO) will file a preliminary injunction against Butamax for patent infringement.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 5 points to 794.
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