Rally Runs Out of Gas

The government separately said that business inventories for June rose 0.4%, meeting expectations.

Treasuries were on the rise. The 10-year note was higher by 6/32 in price, cutting the yield to 4.78%, and the 30-year bond was up 12/32, yielding 5.00%.

Department store giant Sears (SHLD Quote - Cramer on SHLD - Stock Picks) was out with profit estimates, saying its second-quarter earnings should be roughly in line with analysts' expectations. The company also said it would repurchase up to $1.5 billion more of its common stock. Sears rose $7.45, or 5.6%, to $140.55.

Homebuilder Hovnanian (HOV Quote - Cramer on HOV - Stock Picks) said it delivered 3,179 homes in the third quarter, a decline of 31% from the year-ago period. More than 2,500 contracts were signed, but that was down 24% from last year. Hovnanian ended lower by 65 cents, or 4.4%, to $14.05.

Oil prices were higher following a 5.3% drop last week. The front-month September crude contract climbed 15 cents to end at $71.62 a barrel.

Among ratings changes, Deutsche Bank upgraded JPMorgan Chase (JPM Quote - Cramer on JPM - Stock Picks) to buy from hold. The firm also raised its rating for U.S. Bancorp (USB Quote - Cramer on USB - Stock Picks) to hold from sell. JPMorgan lost 1% at $43.83, and U.S. Bancorp slipped 0.5% to $29.80.

BEA Systems (BEAS Quote - Cramer on BEAS - Stock Picks) gained more than 3% after its stock was upgraded by Bear Stearns, UBS and Banc of America. The stock closed higher by 36 cents, or 3.2%, to $11.77.

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