Closing Bell: GM, Ford Report Disappointing July; Dow at New Records

The Dow entered the new month with a bang. The blue-chip index scored a new record close for its fifth session in a row after hitting an intraday higher earlier in the day. The s and p and Nasdaq were also higher. Sprint Corp. (S) - Get Report rallied after returning to profit for the first time in three years, surprising analysts looking for a small loss. Sprint's gains boosted the telecom sector. Dow component Verizon Communications Inc. (VZ) - Get Report also made strides higher. It was a disappointing July for automakers. Ford Motor Co. (F) - Get Report , General Motors Co. (GM) - Get Report and Fiat Chrysler Automobiles (FCAU) - Get Report each reported worse-than-expected sales for the month, largely tied to lower fleet sales. Toyota Motor Corp. (TM) - Get Report was the only automaker to beat estimates. Under Armour Inc. (UA) - Get Report tumbled after cutting its full-year sales growth forecasts. The retailer also announced a restructuring plan involving job cuts that is expected to rack up charges of at least $110 million.