Stock Market Blog -Aug 1st

We closed out July with the best monthly gains for the year. The market was down most of the week though, closing mostly unchanged. The GDP report for the second quarter was a disappointing 2.4%, and consumer confidence sank as well.

The US Dollar has been in a steady decline since the beginning of June. Commodity prices have also risen during that time.

New all time highs this week: BIDU, FFIV


New unemployment claims dropped, coming in at 457,000 (chart).
This week, five more banks were shutdown by the FDIC! (list).

Next week: We get the usual Economic reports, along with more earnings reports. The big report next week will be the monthly payroll report. Some of the companies reporting earnings:

MON	TUE	WED	THU	FRI
	MA	DVN	CBOE
	PG	EP	DTV
	PFE
	PCLN
	WFMI

Market commentary: The market will continue to be driven by earnings again this week, as well as economic reports, including the payroll report on Friday. We could see a nice upturn again after having pulled back last week.

Commodities (charts):
Oil closed near $79 per barrel, mostly unchanged.
Natural Gas was up again, closing around $4.92.
Gold dropped, closing around $1182.
The US Dollar index was down again, closing around 81.70
The 30 year Bond rallied on Friday, closing just under $129.

News:
GDP slows in second quarter to 2.4% annual rate
Consumer Confidence Falls, Lowest Since February
Dollar Declines to Lowest Level in 2010 as U.S. Growth Slows
With Recovery Slowing, the Jobs Outlook Dims
Greenspan Says Decline in U.S. Home Prices Might Bring Return of Recession
China manufacturing growth slows
Tough Times Ahead for Junk Bond Issuers
FDIC Bank Failures