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U.S. stocks drop due to…

July 16, 2013

S&P 500 slips from record, breaks 8-day win streak130716161608-sp500-final-july-16-620xa

Summary:

  • The S&P 500 snapped its eight-day winning streak on Tuesday after disappointing sales from Coca-Cola, while investors turned cautious on the day before the Federal Reserve chairman’s congressional testimony.
  • Eight of the 10 S&P 500 industry sector indexes declined, with materials shares among the day’s worst performers.
  • Coca-Cola (KO, Fortune 500) shares slipped after the company reported a drop in profit from a year earlier due to weak European sales.
  • Investors are waiting for Bernanke’s meeting with Congress to find out if the Federal Reserve will slow their stimulus pumping into the economy anytime soon.
  • If Bernanke says YES SOON, then stocks will decline. If he says no not anytime soon then stocks will RISE.
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