After three days of losses, the S&P 500 and the Nasdaq close higher. The Dow ended the day in negative territory, weighed down by Disney. Leah Duncan reports
The S&P 500 and the Nasdaq bounced back after three straight sessions of declines. Gains in major tech names such as Google, Facebook and Apple helped push the Nasdaq higher. The Dow ended the day lower weighed down by Disney's largest daily drop in seven years, following comments on subscribe losses. There was also some economic weakness. Exports fell again in June, and private employers added a lot fewer jobs than expected in July. Investors took that to mean that a Fed rate hike in September is not a done deal. Standard & Poor's Beth Ann Bovino says the currency impacted employment: SOUNDBITE: BETH ANN BOVINO, CHIEF ECONOMIST, STANDARD & POOR'S (ENGLISH) SAYING: "Manufacturing was slightly weak. We expect that the strong dollar was weighing on that as well." Apple's shares rebounded after five straight down sessions, despite Bank of America Merrill Lynch's downgrade to "neutral" from "buy." Priceline's bottom line slipped but cruised past estimates, and the online travel giant was upbeat about the prospects of its current quarter. Shares rose. Shares of Lumber Liquidators' tumbled. The flooring retailer said sales were hurt by allegations that its laminates from China had high levels of formaldehyde. Media companies Time Warner, CBS and 21st Century Fox also reported. Time Warner and CBS posted strong results, while the numbers were mixed at 21 Century Fox. In Europe, basic materials and energy stocks spearheaded a broad-based rally.