It was a strong week with positive performance nearly across the board, despite some disappointments in housing and interest rates. While housing data beat expectations, both existing home sales and new home sales were down. As of the close of the market on Thursday, July 22, 2010, the major indices were up across the board with the S&P 500 Index up 2.7%, the Dow up 2.2% the NASDAQ up 3% and the small-caps Russell 2000 index up 4.11%. It was a strong week as even the REIT index was up 4.77%. Looking at individual sectors, performance was still strong with only healthcare down 0.75%. Interest rates were down this week with two-year treasuries paying 0.58% and 10-year treasuries at 2.90%. Gold was up at $1,195 per troy ounce.
We still feel we are on target for the S&P to reach 1,330 because companies are reporting strong earnings, such as, Apple, Inc. (NASDAQ: AAPL) that posted revenues up 61%, and American Express (NYSE: AXP) that also beat expectations. Both show positive signs that the consumer is spending.