(NEW YORK) — A couple of strong earnings reports paired with a sharp drop in new home sales led to a mixed market Wednesday.
The Dow rose for the first time in four days, closing up 58.7 points at 12,676 after the release of positive earnings reports from Boeing and Caterpillar. Corporate earnings from both companies beat expectations. International defense and commercial jet sales prompted higher projections for the next year for Boeing, and Caterpillar blew away analysts’ estimates with a 67 percent surge in profits in the second quarter.
Still, technology stocks pulled the Nasdaq down nine points and the S&P down a fraction of a point.
Housing numbers slumped lower than expected, and a weaker job market and slower economic growth may have pushed new home sales down in June after jumping to a two-year high in May. The Northeast was hit the hardest.
Copyright 2012 ABC News Radio
Susie East, CNN
Jeff Wuorio, Deseret News