Better than expected news on the economic front, including a sign of hope in the housing market, sent stocks higher earlier this morning, but the markets struggled to hold into their gains later in the day. Also weighing on the minds of investors was a failure by Greek politicians to form a coalition government.
The National Association of Home Builders/Wells Fargo home builder sentiment index rose to its highest level in 5 years, surging 5 points to 29 in May.
KBHome (NYSE:KBH) and Lennar (NYSE:LEN) are among the homebuilders trading higher on the news.
On the earnings front, Groupon (NASDAQ:GRPN) reported earnings which beat Wall Street's expectations, sending shares higher today.
It was a similar story for TJX (NYSE:TJX) which also posted an earnings beat while the company boosted its full-year guidance as well.
In M&A news, Coty has withdrawn its bid to acquire Avon (NYSE:AVP), after the cosmetics company reportedly missed the Monday deadline to start negotiations.
Tomorrow, we'll take a look at the numbers for weekly mortgage applications as well as earnings results from Target (NYSE:TGT) and Limited Brands (LTD).
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