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Thursday, June 30, 2022

Markets Slip, but Now Have a 6-Month Streak

The stock market ended July with gains, even if the month’s last day of trading was a little rocky. The Dow fell 149 points on Friday to 34,935, the S&P 500 fell 23 points to 4,395, and the Nasdaq fell 105 points to 14,672. All the losses were well under 1%. Disappointing numbers from Amazon Thursday contributed to Friday’s sour mood, reports the Wall Street Journal. While the company reported strong sales growth of 27% for the second quarter, that came in below analysts’ expectations. The company’s stock was down about 7% as a result in afternoon trading.

Nevertheless, the benchmark S&P was able to notch its sixth consecutive monthly gainβ€”the longest such streak since 2018, per the AP. And Amazon has been the exception in this latest round of earning reports, with most companies exceeding expectations. β€œWhat’s really encouraging is that the sales surprise is trending positive,” says Sal Bruno of IndexIQ. β€œThat tells me that companies are growing, which goes along with the economic reopening.” (Read more stock market stories.)


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