A positive housing report sent stocks higher today, but investors remained cautious as Japan's credit rating was downgraded by Fitch on fears over government debt.
The National Association of Realtors is reporting a 3.4 percent increase in existing home sales in April to an annual rate of 4.62 million units, which is better than economists expected.
On the earnings front, clothing retailer Express (NYSE:EXPR) missed earnings expectations and lowered its full year earnings outlook, sending shares lower today.
Also among retailers, Urban Outfitters (NASDAQ:URBN) posted better than expected earnings, despite an 8.6 drop in fiscal first quarter profit. The company also reported an improvement in same store sales.
In M&A news, Google (NASDAQ:GOOG) announced the acquisition of Motorola (NYSE:MMI) today. It's a deal worth $12.5 billion and Google will operate Motorola Mobility as a separate business.
Tomorrow, we'll take a look at the numbers for weekly mortgage applications, as well as earnings results from Hewlett Packard (NYSE:HPQ) and Big Lots (NYSE:BIG).
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