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Stocks turn higher, S&P 500 hits fresh high; Yahoo slumps 4%

July 22, 2013

Stocks shook off their earlier losses to turn slightly higher Monday, lifting the S&P 500 to a fresh intraday high, though a batch of mixed earnings reports and weaker-than-expected existing home sales kept a damper on gains. "The Fed is done talking until next week and we're going to be subject to earnings reports and talk from Congress this week," said Brian Battle, vice president of trading at Performance Trust Capital Partners. "We could be in a holding pattern if the market can resist a selloff, but to propel higher, we need better fundamentals…we're still running on Fed liquidity and the pullback caused by the tapering talk has been reversed in the last two weeks."

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