Stocks pull back as traders await gross domestic product report, look past strong earnings

, AP Business Writer, On Thursday July 29, 2010, 11:49 am

Stocks are falling as investors waiting for the government’s gross domestic product report had a muted response to earnings and economic reports.

 

Traders have gotten a combination of good news Thursday, but momentum is fading after an initial jump in stocks. Southwest Airlines, ExxonMobil, Avon Products and Sony all topped forecasts and the Labor Department says initial claims for unemployment benefits dipped last week.

 

Analysts said the unemployment report wasn’t strong enough to keep investors buying because it doesn’t show signs that companies are hiring.

 

The Dow Jones industrial average is down 56.65, or 0.5 percent, at 10,441.23. The Standard & Poor’s 500 index is down 7.95, or 0.7 percent, at 1,098.18, while the Nasdaq composite index is down 24.10, or 1.1 percent, at 2,240.46.