Wall Street was able to barely eke a seventh-straight day of gains  Wednesday after a positive housing report showed new homes sales accelerated during the month of July.

Today’s Markets

At the 4 p.m. close in New York, the Dow Jones Industrial Average rose 4.46 points, or 0.05%, to 9543.75, the Standard & Poor's 500 gained 0.12 points, or 0.01%, to 1028.12 and the Nasdaq Composite rose 0.2 points, or 0.01%, to 2024.43. The consumer-friendly FOX 50 rose 0.91 points, or 0.12%, to 751.16.

According to a report from the Commerce Department, new-home sales jumped more anticipated in July, adding to the signs the housing market is emerging from its multi-year slump. Sales of single-family homes increased by 9.6% in July to a seasonally adjusted annual rate of 433,000 -- well above projections for a 1.6% gain to 390,000 by economists, according to Thomson Reuters.

The report helped push several of the homebuilders into positive territory, with Pulte Homes (PHM) and Toll Brothers (TOL) each up 3% in early market action.  Bigger gains were posted by the homebuilders DR Horton (DHI) and Hovnanian (HOV).  

Stocks, however, reacted little to another report from the Commerce Department that showed durable goods orders rose in July by 4.9%, the third rise in the economic indicator in four months. The rise was considerably better than the 3% rise that economists had been looking for, according to estimates provided by Thomson Reuters. 

The June orders figure was also revised upward, from a 2.2% decline in durable good orders to a 1.3% decline in orders. 

However, shares of heavy equipment manufacturers General Electric (GE), 3M (MMM) and Caterpillar (CAT) fell after a segment of durable goods reports - mainly the non-transportation piece - rose less than what some economists had expected.

Volume was lighter than usual on this quiet day on Wall Street, with less than 1 billion shares exchanged on the New York Stock Exchange.

In the commodity markets, oil dropped 88 cents to $71.18 a barrel while gold futures traded at $946.80 a troy ounce. 

Company News

Shares of Williams-Sonoma (WSM), which runs its namesake stores along with Pottery Barn and West Elm, jumped 12% on Wednesday after the company said it earned an adjusted profit of 5 cents a share. Analysts were looking for Williams-Sonoma to post a loss of 9 cents a share, according to estimates provided by Thomson Reuters. The company also raised its current-quarter forecast to a 1-cent profit, up from 2-cent to 8-cent loss.

Citigroup's (C) Dan McNamara, the former co-head of Asia-Pacific investment banking team, has resigned from the firm and plans to join a rival investment bank, The Wall Street Journal reported Tuesday. McNamara was one of Citigroup's most senior investment bankers in the region.

The budget-conscious retailer Dollar Tree (DLTR) reported a jump in profit for $56.9 million, or 63 cents a share, up from $37.6 million, or 42 cents a share, from a year ago.  Analysts surveyed by Thomson Reuters, on average, were looking for earnings of 54 cents out of Dollar Tree. For the full-year, Dollar Tree boosted its fiscal-year earnings target 35 cents to $3.10 to $3.25 a share.

Standard & Poor's upgraded E*Trade Financial (ETFC) two weeks following the company's $1.74 billion debt exchange. The upgrade boosted E*Trade's stock by 4%.

General Electric (GE) may try to sell its security and surveillance unit for approximately $2 billion, Bloomberg News reported Wednesday. Some names mentioned as possible buyers Tyco International (TYC) and United Technologies (UTX). If GE cannot get a whole buyer for the unit, it may break it up, the news agency said. 

Global Markets

In London, the FTSE 100 Index fell 0.53% to 4890.58 while Paris’ CAC 40 fell 0.33% to 3638.34 and Germany’s DAX slipped 0.63% to 5521.97.

In Asia, Japan’s Nikkei 225 rose 1.36% to 10639.71 while Hong Kong’s Hang Seng rose 0.1% to 20456.32. China’s Shanghai Composite jumped 1.78% to 2967.60.