Fed Minutes Are Out And…. The Market Drops a Fourth Day

The Dow closed down -48.59 (-0.38%) at 12,604.53. The S&P 500, Nasdaq and Russell 2000 were all down too.

Today, the Dow had 9 components up and 21 down. Leaders headed higher were HPQ (+3.04%) ,BAC, XOM, JPM, CVX, VZ, GE, WMT and JNJ.

Losers, headed lower of course, were BA (-2.32%), UTX, MSFT, TRV, DD, HD, MCD, KO and INTC.

U.S. stocks closed lower, the fourth day in a row, after minutes from the latest Federal Reserve meeting offered no new clues that another round of quantitative easing would be coming anytime soon.

Corn futures for December delivery popped as much as 4.3% to $7.48 per bushel, after the U.S. Department of Agriculture said the corn crop will average just 146 bushels an acre this year due to the Midwest drought. That’s down from the USDA’s June estimate of 166 bushels per acre.

The dollar was up against the Japanese yen and slightly lower versus the euro and British pound.

Oil for August delivery rose $1.90 to settle at $85.81 a barrel.

Gold futures for August delivery lost $9.30 to end at $1,571.60 an ounce.

The price on the benchmark 10-year U.S. Treasury was flat, leaving the yield at 1.50%.

Tomorrow, before the open, otable stocks expected to report earnings include CBSH, FAST, HLSS, INFY and PGR.

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