NEW YORK ( TheStreet) -- U.S. stock markets posted their first weekly decline in July as investors balked at surpassing the 1,700 level on the S&P 500, unsure about the strength of the U.S. economic recovery and the Federal Reserve's commitment to maintain its stimulus program.
The S&P 500 turned positive in the final minutes of Friday's trading as it increased 0.08% to 1,691.65 but slipped 0.03% for the week. The Dow Jones Industrial Average added 0.02% to 15,559.20, and added 0.1% for the week. The Nasdaq finished up 0.22% at 3,613.16 and up 0.22% for the five-day trading period.
"For me, it has been and will continue to be all about the Fed and its willingness to continue $85 billion per month of MBS
Expedia ( EXPE ) posted the biggest percentage loss in the S&P, dropping 27% to $47.20 after the online travel service company missed second-quarter estimates by 15 cents at 64 cents a share, a result of poor performance at its Hotwire unit.Starbucks ( SBUX ) was a clear winner, jumping 7.6% to $73.36 after the coffee chain posted fiscal third-quarter results that surpassed Wall Street expectations. Starbucks' Americas segment is "firing on all cylinder," Starbucks CEO Howard Schultz said on the conference call. Cliffs Natural Resources ( CLF ) advanced 7.2% to $19.71 after the coal producer booked second-quarter earnings of 82 cents a share on revenue of $1.49 billion, surpassing the average analyst earnings estimate of 61 cents a share on revenue of $1.41 billion. Tesla Motors ( TSLA ) popped 4.3% to $129.39 after one of the stock's biggest bears upgraded the stock, saying the stock could more than double in the next three or four years. Next week, the Federal Reserve begins a two-day policy meeting as investors await the widely-watched U.S. government non-farm payrolls report for July, scheduled to be published on Friday. The government will also released its advance estimate of second-quarter U.S. gross domestic product on Wednesday. Pento added that there's a potential for downside risks no matter the outcome of key U.S. data next week and therefore advises investors to sell into the resumption of a rally. "A negative surprise
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