The markets were higher this morning, bolstered by some encouraging economic news, but fell back into negative territory later in the day, despite comments made by German Chancellor Angela Merkel saying she wants Greece to stay in the euro zone.
On the economic front, the Commerce Department is reporting that housing starts rose 2.6 percent in April to a seasonally adjusted annual rate of 717,000 units. That number was more than economists expected.
Also on the rise was industrial production, which increased 1.1 percent in April after 2 months of being flat, according to the Federal Reserve.
In earnings news, Target (NYSE:TGT) reported first quarter earnings edged up 1.2 percent thanks in part to warmer weather and the company also raised its earnings outlook for the year.
JC Penney (NYSE:JCP) posted disappointing quarterly earnings which missed expectations by a wide margin, sending shares sharply lower today.
Tomorrow, we'll take a look at the numbers for weekly jobless claims as well as earnings results from Walmart (NYSE:WMT) and Ross Stores (NASDAQ:ROST).
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