July 31, 2015
We’re one trading day away from saying goodbye to July, and contrary to the way a lot of people are feeling, July looks like it will go down in the books as being a positive month for stock prices.
With the bulk of big company earnings reports now in the rear-view mirror, it turns out that second quarter earnings (outside of oil companies) wasn’t all that bad. About 80 percent of reporting companies met or beat expectations for operating profit, and that’s pretty much in line with recent quarters gone by. Exxon, by the way, just reported a dollar per share in profit, 11 cents below estimates.
The Federal Reserve considers a lot of statistical data in evaluating the level of interest rates, and one that holds a lot of sway is the Employment Cost Index. The rise in employment costs for the second quarter will be...