After a rally in the previous session, investors were a little more subdued today on renewed fears over the European debt crisis.
The Federal Reserve came out with its latest Beige Book report this afternoon, which showed modest expansion for the US economy in late November and December.
Meanwhile, the Mortgage Bankers Association is reporting an increase in weekly mortgage applications in the first week of the year.
On the earnings front, homebuilder Lennar (NYSE:LEN) reported a drop in quarterly profit, but revenue results came in ahead of estimates.
Shares of Lennar are trading higher today as are rivals DR Horton (NYSE:DHI) and Toll Brothers (NYSE:TOL).
Just one day after naming a new CEO, Urban Outfitters (NASDAQ:URBN) is dragging down the S&P 500 after it was downgraded from buy to sell by Citigroup (NYSE:C).
Other companies which were downgraded today, Coca Cola (NYSE:KO) and Pepsi (NYSE:PEP), which both had its ratings cut by UBS from buy to neutral.
Tomorrow, we'll take a look at the numbers for weekly jobless claims, as well as retail sales.
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