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[Figas]

Dow +33.75 at 9233.80, Nasdaq +14.23 at 1735.14, S&P +2.82 at 990.31:
As of: Jul 31 2003 4:20PM ET
A well-known song states, "What goes up, must come down" and today's trading action could not be described more accurately... The indices got off to a very strong start and had accomplished gains ranging 1.6-2.0% by roughly 11ET... The bullish bias was incited by a batch of better-than-expected economic reports, which spoke well for the strengthening economy and the improving employment market... Specifically, Q2 GDP rose a stronger than expected 2.4% (consensus 1.5%) as final sales rose 3.2%.... The chain weight deflator fell to +1.0% (consensus 1.4%).... The Q2 Employment Cost Index rose 0.9% (consensus 1.0%)... Jul 26 Initial Claims for unemployment benefits fell for a third consecutive week to 388K (consensus 400K)... Furthermore, the Chicago PMI manufacturing index rose to 55.9 in July (consensus 53.8), boding well for tomorrow's ISM Index report... Separately, the Help Wanted Index rose to 38, the strongest level since March... While the index excludes Internet ads, the upturn is encouraging, as it suggests increasing demand rather than simply a decline in layoffs seen in Initial Claims... Buying interest was exacerbated by clearance of important near-term resistance levels, including the 1737/1740 resistance band in the Nasdaq and resistances at 993/994 and 998 in the S&P 500... As a result, the market's rally was broad-based and supported by the majority of sectors, with the sole exception being the healthcare sector, which was weak following a warning by Cardinal Health (CAH 55.38 -9.08)... The indices kept to relatively tight ranges near their session highs for most of the day, until the last hour of trade, when the market came under tremendous selling pressure, forcing the indices lower and closing with gains of only 0.3-0.8%... Like the advance, the decline was broad-based and, especially apparent in the drug, financial, and homebuilding sectors, which finished the day underwater after being positive for most of the day... Among the reasons cited for the market's decline was apprehension regarding the skyrocketing 10-year yield, which went over 4.5% intra-day... The 10-year note closed the day well off its session lows, down 22/32, with its yield at 4.40%...