FOX Business: Capitalism Lives Here
U.S. stocks flipped between gains and losses after a closely-watched report on the housing sector easily beat Wall Street views.
As of 11:11 a.m. ET, the Dow Jones Industrial Average fell 26.2 points, or 0.15%, to 16825, the S&P 500 dipped 0.16 point, or 0.01%, to 1961 and the Nasdaq Composite advanced 5.3 point, or 0.11%, to 4403.
The Dow and S&P 500 logged mild losses last week in fairly light trading. The subdued tone is expected to persist this week, with the markets closing early Thursday, and then closing completely Friday for the Independence Day holiday in the U.S.
On the economic front, the National Association of Realtors reported signed contracts to buy previously-owned homes jumped 6.1% in May, the biggest gain since April 2010, higher than the 1.5% increase Wall Street anticipated.
A gauge of manufacturing activity in the Midwest from the Institute for Supply Management-Chicago slowed to 62.6 in June, from 65.5 the month prior. Wall Street expected a reading of 63. Readings above 50 point to expansion while those below indicate contraction.
Elsewhere, U.S. crude oil futures fell 53 cents, or 0.5%, to $105.21 a barrel. Wholesale New York Harbor gasoline dipped 0.5% to $3.083 a gallon. Gold dropped $5.90, or 0.45%, to $1,314 a troy ounce.