Saturday, July 12, 2014

Stocks waver after mixed report on US housing

February 16. 2013 4:42PM
Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle

(AP) Stocks flipped between small gains and losses in early trading Thursday after a mixed report on the housing market.

The Dow Jones industrial average fell four points to 13,160. The broader Standard & Poor's 500 index rose a fraction of a point to 1,406. The Nasdaq composite index climbed five to 3,306.

The Commerce Department reported that construction of single-family homes and apartments dipped 1.1 percent in July compared with June. But the number of building permits jumped to 812,000, the most since August 2008.

Facebook sank $1.30, more than 6 percent, to $19.90 on the first day that its early investors and a handful of founders were free to sell their stock. In all, 271 million shares can be sold, according to Facebook's regulatory filings.

Cisco Systems led stocks in the Dow, rising $1.29, or 7.4 percent, to $18.64. The world's largest maker of computer networking equipment reported earnings late Wednesday that beat expectations.

Among other stocks making big moves:

Agilent Technologies slid $3.27, or 8.1 percent to $37.21, the worst drop in the S&P 500. Agilent said a slump in global demand for its high-tech measuring products helped tug net income down 26 percent.

PetSmart Inc. rose $2.86, or 4.2 percent, to $70.30. The pet products store posted better earnings than analysts' forecasts. PetSmart's quarterly net income rose 28 percent, and it raised its annual profit expectation for the second time this year.

Associated Press

comments powered by Disqus Commenting Guidelines
Mortgage Minute

Search for New & Used Cars

Used New All

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals

Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds