Modest Uptick In Consumer Spending Lifts Markets

Consumer spending edged up more than expected in June to lift the markets modestly higher during the midday with the Dow rising 19 points to 9305. Nasdaq added 3 points to 2011.

On the upside

Cognizant (Nasdaq: CTSH) reported higher second quarter earnings and revenue that topped analyst estimates and raised its full year forecast.

Trailer Investments invested $35 million in Wabash National (NYSE: WNC).

United Airlines parent UAL (Nasdaq: UAUA) reported lower traffic in July but the drop was narrower than the previous month and occupancy rate rose from a year ago.

On the downside

Atmel (Nasdaq: ATML) blamed restructuring charges for more than doubling second quarter losses.

UBS (NYSE: UBS) widened second quarter losses due to charges and withdrawals.

Phoenix Cos. (NYSE: PNX) reported an unexpected loss for the second quarter as tax valuation allowances and severance charges climbed.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by a margin of more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 571.

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