(MENAFN– ecpulse)
Stocks declined as some lackluster earnings results set a cautious tone ahead of Federal Reserve Chairman Ben Bernanke`s congressional testimony this week.
Within the Dow, Coca-Cola fell to pace the decliners after posting weak second-quarter volume growth. Meanwhile, Johnson & Johnson beat earnings and revenue forecasts, and raised its full-year outlook, but the stock erased earlier gains.
Elsewhere, Goldman Sachs Group also beat second-quarter earnings, and revenue rose above forecasts, but the shares dropped amid some concerns over fixed-income, currency and commodities revenue growth.
Analysts said earnings were not quite good enough to excite investors, as they were reluctant to do much ahead of Mr. Bernanke`s testimony on monetary policy to Congress on Wednesday and Thursday.
The Standard & Poor’s 500 Index lost 6.25 points or 0.37% to close at 1676.25 levels. The index reached the highest point at 1682.70and the lowest point at 1683.73. By closing, 131 shares gained while 364 shares declined and 5 shares remained unchanged.
The Dow Jones Industrial Average index dropped 32.41 points or 0.21% to close at 15451.85 levels, the index reached the highest point at 15498.16 and the lowest point at 15415.71. By closing, 13 shares increased while 17 shares declined.
The NASDAQ Composite Index dropped 8.99 points or 0.25% to close at 3598.50 levels, the index reached the highest point at 3611.35 and the lowest point at 3589.65. By closing, 1022 shares advanced while 1187 shares declined and 231 shares remained unchanged.
The Dollar Index, which tracks the performance of the U.S. dollar against a basket of other major currencies dropped to 82.61, from an opening at 83.24, after hitting a high of 83.25, and a low of 83.53.
Gold closed at $1292.63, around its open at $1282.26, after hitting a high of $1295.27, and a low of $1277.13. Crude oil futures dropped to $105.76, from an opening at $106.41, after having hit a high of $107.15 and a low of $105.65.
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