Market roundup for July 28
SAN JUAN — The U.S. stock market closed down Tuesday, as some of America’s best-known companies reported dismal results for the second quarter of 2020. The list includes McDonald’s, 3M and Harley-Davidson.
- McDonald’s (MCD): Revenue dropped to $3.76 billion, or 30%, and net income fell to $483.8 million, or 68%, while sales fell 24%. McDonald’s stock closed at $196.19, down $5.28, or 2.51%.
- 3M (MMM): Sales of $7.2 billion, down 12.2 percent year-on-year. Second-quarter operating income of $1.7 billion, a 15.6% increase. Shares closed at $155.31, down $7.93, or 4.86%.
- Harley-Davidson (HOG): Second quarter sales of $865 million, down 47%, and a net loss of $92 million, or 147% down compared with the previous quarter. The company sold 28.4 million motorcycles, down from 88.8 million in the first quarter, a 59% decline. Harley stock closed at $29.06, down $0.22, 0.75%.
The Federal Reserve Bank extended through Dec. 31 several pandemic lending programs that were due to expire on or around Sept. 30. The 90-day extension will ensure the availability of facilities to allow the economic recovery from the COVID-19 pandemic.
The Fed’s emergency lending facilities have provided critical liquidity to small businesses, corporations, and state and municipal governments.
- The Dow Jones Industrial Average closed at 26,379.28, down 206.48 points, or 0.71%.
- The Standard & Poor’s 500 Index closed at 3,218.44, down 20.97 points, or 0.65%.
- The NASDAQ Composite Index closed at 10,402.09, down 134.18 points, or 1.27%.
- The Birling Capital Puerto Rico Stock Index closed at 1,534.04, down 5.26, or 0.34%.
- The U.S. Treasury 10-year note closed up at 0.59%.
- The U.S. Treasury 2-year note closed up at 0.14%.