Stocks Closed Modest Gains on Earnings Reports

U.S. stocks closed with modest gains on Monday after several companies reported solid earnings. The Dow Jones Industrial Average added 13.96 points, or 0.08%, to 18,100.41. The S&P 500 was up 1.64 points, or 0.08%, to 2,128.28. The Nasdaq Composite rose 8.72 points, or 0.17%, to 5,218.86.

IBM posted adjusted second-quarter profits that topped Wall Street’s estimates but sales came in short. It revealed adjusted profits of $3.84 a share, beating expectations of $3.79 a share. Revenues, meanwhile, came in at $20.8 billion, trailing estimates of $20.9 billion.

Eight of the nation’s largest banks must hold more capital to reduce the risk of their failure and its effects on the broader financial system under a new rule approved by the Federal Reserve Monday.

The rout in commodities deepened with prices touching the lowest since 2002 as the prospect of higher U.S. interest rates sent gold tumbling. The Bloomberg Commodity Index dropped as much as 1.4 percent, falling for a fifth day in the longest stretch of declines since March.






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