The Nasdaq market dropped yesterday while blue-chip stocks inched up as money flowed to interest-rate-sensitive carmakers and retailers on renewed hopes the Fed will not raise rates again this year.
The earnings reporting season started yesterday with Alcoa Inc. gaining 1-7/8 at 29-1/2 after its second-quarter profits rose a better-than expected 57 per cent, due to cost cutting and a rise in aluminium prices.
Alcoa helped lift the Dow Jones industrial average, which closed up 10.60 points, or 0.10 per cent, at 10,646.58. It was the 30-stock index's highest close in nearly a month.
The broader Standard & Poor's 500 Index fell 3.28 points, or 0.22 per cent, to 1,475.62.
The tech-packed Nasdaq lost 42.91 points, or 1.07 per cent, to 3,980.29 after gaining nearly 63 points on Friday.
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