Markets Recover To Close Modestly Higher

The markets recovered in late afternoon trading to close modestly higher with the Dow adding 3 points to 15,558 as consumer sentiment climbed. Nasdaq rose 7 points to 3613.

On the upside

United Continental Holdings (NYSE: UAL) reported higher second quarter earnings that topped analyst estimates as revenue rose.

Brightcove (Nasdaq: BCOV) narrowed second quarter losses more than expected as revenue climbed.

Principal Financial Group (NYSE: PFG) reported higher second quarter earnings that surpassed analyst expectations by a wide margin and increased its quarterly dividend.

On the downside

Hutchinson Technology (Nasdaq: HTCH) widened third quarter losses more than expected.

First quarter earnings rose for Cirrus Logic (Nasdaq: CRUS) but revenue fell short of expectations.

Tempur Sealy International (NYSE: TPX) disappointed by falling to a greater than expected loss for the second quarter prompting the mattress maker to lower its full year forecast.

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 index added a point to 1691.

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