SmarTrend Market Close Wrap-Up: August 3, 2010

The major U.S. equity indices closed lower Tuesday after disappointing earnings and economic reports. The Commerce Department said consumer spending and income were unchanged in June, showing signs of a slower economy. The department also reported that factory orders fell more than predicted in June, down 1.2%. The National Association of Realtors said that pending home sales fell last month to 75.7. Economists had predicted that the index would rise to 78.1. In corporate news, Anadarko Corporation (NYSE:APC) reported Q2 EPS of $0.49, ahead of consensus estimates of $0.35 per share. Revenues rose 36% year-over-year to $2.60 billion, missing consensus estimates of $2.75 billion. Priceline.com (NASDAQ:PCLN) reported Q2 EPS of $3.09, ex-items, ahead of consensus estimates of $2.65. Revenues rose 27.1% year-over-year to $767.4 million, topping consensus estimates of $733.04 million. The Dow Jones Industrial Average (DJI) closed 0.36% lower at 10,636.38, the S&P500 (INX) closed 0.48% lower at 1,120.46, and the Nasdaq Composite (IXIC) closed 0.52% lower at 2,283.52.