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July winning month for stocks

Friday, July 31, 2015 - 01:34

Despite a sluggish last session of the month, stocks rose for both the week and the month. Bobbi Rebell reports.

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TV AND WEB RESTRICTIONS~****~ Stocks lost steam in the last trading day of the month of July. The major indexes under downward pressure by energy stocks. Though for the week and the month the major indexes posted gains. Labor costs decelerated in spring, rising at its slowest pace in 33 years. Oil prices a big factor in earnings. Weighing on the Dow: oil stocks Exxon Mobil and Chevron. Falling crude prices slammed their quarterly profits, causing them to miss estimates. S&P Capital IQ's Stewart Glickman: SOUNDBITE: STEWART GLICKMAN, DIRECTOR OF ENERGY RESEARCH, S&P CAPITAL IQ (ENGLISH) SAYING: "I don't think the quarter was quite as bad for Exxon as some people were focusing on. I think the fact that they missed was an automtic negative at first glance, but if you look behind the numbers a bit their tax rate was a bit elevated compared to what they typically post they had fairly heavy refining maintenance schedule in the second quarter that probably took a little bit of their downstream profits away from what they could have been." But those lower oil prices helped Royal Caribbean boost profit and cruise past forecasts. Rival Carnival also rose. Columbia Sportswear's shares zoomed higher after the sports apparel maker shrank its loss. It saw strong demand for its Columbia and Sorel brand clothing. Skywest shares shot skyward. Several brokerages hiked their price targets after the airline reversed its loss and booked a profit. Investors liked UPS' $1.8 billion deal to buy truck transportation provider, Coyote Logistics. In Europe, shares edged higher, advancing for a fourth straight session on strong earnings results.

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July winning month for stocks

Friday, July 31, 2015 - 01:34