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Reassuring words out of Europe helped equities build on the previous month’s strong gains. The Dow industrials managed to squeak over the 13,000 mark once again, and after bouncing around between roughly 1330 and 1360 for much of July, the S&P 500 finally ended the month above that range. As it has for much of the year, the Russell 2000 once again trailed its large-cap brethren, while the Nasdaq’s strong gains of the first quarter kept it on top year-to-date despite a flat month. Finally, despite some volatility, the Global Dow ended July less than three points higher than where it began.
Treasury yields continued to fall, hitting record lows as strong demand for a relative safe haven pushed prices up. The dollar strengthened as the euro fell to end the month at roughly $1.23, while oil bounced around in the $80-$90 a barrel range, ending at roughly $88. Gold also was choppy, ranging from $1,550 to $1,620 an ounce by month’s end.
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