The quarterly report released by Pfizer Inc. (NYSE:PFE) today showed an impressive 9% increase in quarterly profit that beat analysts’ expectations. PFE also stated that their earnings for the year would end up being closer to the high end of their forecasts. Another company announcing quarterly earnings today was Procter & Gamble Co (NYSE:PG) who disappointed investors by announcing a lower profit for the fourth quarter of 2010 than they had in the same quarter of 2009.
The National Association of Realtors® announced today that the Pending Home Sales Index had declined and the Association’s Chief Economist stated that they expect lower sales in the short term. You can read the full report here.
Lastly, the Department of Commerce reported today that consumer spending during the month of June had decreased less than 0.1%. This was disappointing since spending had increased by 0.1% in May. You can access all the Department of Commerce numbers here.
As a result of this mixed news U.S. markets were down with the Dow Jones Industrial Average dropping 38 points to 10,636.38, the Nasdaq falling 11.84 points to 2,283.52 and the S&P 500 losing 5.40 points to 1,120.46.
European and Asian markets were mixed.
