Major indexes traded sideways on upbeat second quarter growth data and soft corporate earnings. The dollar continued to strengthen and shorter-term Treasury yields rose on speculations that the Fed would lift rates by year-end. Gold traded close to a 5-1/2-year low and oil declined.
Consumer spending bolsters U.S. second-quarter growth U.S. economic growth accelerated in the second quarter as solid consumer spending offset the drag from weak business spending on equipment, suggesting a steady momentum that could bring the Federal Reserve closer to hiking interest rates this year.
P&G results raise concerns about pace of turnaround Procter & Gamble reported its sixth straight quarter of falling sales, hurt mainly by the stronger dollar.
Facebook shares dip as results fail to impress Facebook’s shares fell, after the company’s weak advertising sales growth outlook dampened investor expectations boosted by Google’s strong report earlier this month.