The markets opened on a positive note, but struggled briefly to hold onto their gains in the morning, following weaker than expected economic data from the housing sector and disappointing results from Apple (NASDAQ:AAPL). Stocks did manage hold onto gains later in the day.
The Commerce Department is reporting an 8.4 percent decline in new home sales in June, to a seasonally adjusted annual rate of 350,000, marking a 5-month low.
Home builder stocks were trading lower in reaction to the report.
Among Dow components, Caterpillar (NYSE:CAT) posted upbeat results, topping profit expectations and raised its outlook for the year.
It was a similar story for Boeing (NYSE:BA) which beat forecasts and also boosted its guidance for the year.
Apple (NASDAQ:AAPL) posted an earnings miss, due to weakness in the European market, sending shares sharply lower.
Tomorrow, we'll take a look at the numbers for weekly jobless claims as well as earnings results from ExxonMobile (NYSE:XOM).
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