YAHOO [BRIEFING.COM]: Disappointing GDP data had stocks down more than 1% in the early going, but for the second straight session they fought their way higher only to struggle near the neutral line. Despite such resistance, the stock market booked its best monthly performance in one year.

The U.S. economy expanded at an annualized rate of 2.4% in the second quarter, but that was a bit below the 2.5% that had been widely expected and down from the first quarter's upwardly revised 3.7% growth rate. Additionally, personal consumption for the second quarter increased 1.6% after a 1.9% increase in the first quarter.

The data provided fodder for doubts about the pace of the economic recovery, so stocks responded by retreating to a loss of more than 1% shortly after the open. Some reassurance was provided by a better-than-expected Chicago PMI figure, which came in at 62.3, and the final July Consumer Sentiment Survey, which was stronger-than-expected at 67.8.

Stocks gradually erased their losses, but resistance kept a cap on the move and restricted the stock market to a flat finish. Despite the anticlimactic close, the S&P 500 concluded July with a 6.9% gain - its best monthly performance since a 7.3% gain in July 2009.

Earnings were relegated to secondary status once again. Not even reports from Dow components Chevron (CVX 76.21, +0.19) and Merck (MRK 34.46, -0.60) made any real ripple in the broader market - both posted upside earnings surprises for the latest quarter.

In currency trade, the euro pulled back from the two-month high that it set in the prior session. It finished the session 0.3% lower, but still booked a 6.5% gain for July. Not only was that the currency's first monthly advance in eight months, but it was the best monthly performance since May 2009. The euro is still down 9.0% year-to-date, though.

Meanwhile, the Japanese yen climbed 0.4% to hit a fresh eight-month high. The yen is up 7.6% for the year.

Treasuries had a strong session. The yield on the benchmark 10-year Note moved back to 2.90% in response.

Commodities put in another strong session. In turn, the CRB Commodity Index advanced 1.5% for the second straight session. More impressive, though, is that the CRB advanced 6.1% in July. That made for its best monthly performance since May 2009.

Commodities put in another strong session. In turn, the CRB Commodity Index advanced 1.5% for the second straight session. More impressive, though, is that the CRB advanced 6.1% in July. That made for its best monthly performance since May 2009.

Natural gas prices continued their recent tear. As such, the commodity climbed 2.0% to settle pit trade at $4.29 per MMBtu, up 7.4% for the week.

Oil prices managed to climb back above $79 per barrel as crude contracts closed pit trade with a .9% gain at $79.05 per barrel.

Precious metals posted strong gains as well. Specifically, gold prices climbed 1.2% to finish the week at $118.20 per ounce and silver settled a sharp 2.8% higher at $18.11 per ounce.

Advancing Sectors: Consumer Discretionary (+0.7%), Materials (+0.5%), Health Care (+0.3%), Industrials (+0.2%), Consumer Staples (+0.2%)
Declining Sectors: Utilities (-0.6%), Tech (-0.5%), Energy (-0.3%), Telecom (-0.1%)
Unchanged: Financials DJ30 -1.22 NASDAQ +3.01 NQ100 +0.2% R2K +0.1% SP400 +0.3% SP500 +0.07 NASDAQ Adv/Vol/Dec 1444/2.17 bln/1176 NYSE Adv/Vol/Dec 1759/1.18 bln/1243