NASDAQ Extends Streak, Earnings Up and Down

Editor's Note: I sincerely apologize for the last two days in which I have not posted as I regularly do. Unfortunately, events of the past few days have completely overwhelmed my usual habits, as my father passed away on Thursday of last week and the wake (Monday), funeral (Tuesday) and other family affairs have been very time-consuming. It is my sincere hope to get back onto my regular schedule as of today.

The markets continue to gyrate around second quarter earnings news and reports from a wide variety of companies. While the majority of companies have met or exceeded - mostly-lowered - expectations, a number of major firms have posted shoddy numbers, reflecting the struggles being felt across the US economy.

By the close, the only index posting a gain was the NASDAQ, extending its own winning streak to twelve days. The Dow ended an eight-day run of positive finishes with a modest loss.

That the NASDAQ has been a best-performer over the past few weeks should come as no surprise. Many of the companies comprising the index are younger and leaner, without many of the legacy costs and high debt loads usually associated with the companies on the Dow, for instance.

Apple (AAPL) and Starbucks (SBUX), both listed on the NASDAQ reported solid earnings for the quarter, while Advanced Micro Devices (AMD) and Wells-Fargo (WFC), two NYSE stocks, posted steep losses for the quarter.

Dow 8,881.26, -34.68 (0.39%)
NASDAQ 1,926.38, +10.18 (0.53%)
S&P 500 954.07, +0.51 (0.05%)
NYSE Composite 6,151.40, -2.99 (0.05%)

Market internals were in-line with the headline numbers. Advancers finished well ahead of losing issues, 3779-2585, while new highs continued their winning streak over new lows, finishing ahead, 142-96. Volume was very strong on the NASDAQ, but continued to slump on the NYSE, barely making it past the benchmark of 1 billion shares traded.

NYSE Volume 1,079,660,000
NASDAQ Volume 2,371,615,000

Commodities traded all over the map. September crude finished 21 cents lower, at $65.40, while the metal shone, with gold gaining $6.40, to $953.30 and silver up 22 cents to $13.70. Grains and livestock were mixed.

Earnings reports will keep investors on their toes Thursday, with nearly 300 companies reporting. Some of the bigger names include United Parcel Service (UPS), Raytheon (RTN), KLA-Tencor (KLAC), 3M (MMM), Burlington Northern (BNI), Capital One (COF), Credit Suisse (CS), McDonald's (MCD) and Microsoft (MSFT).