Stocks End Flat after Housing Data

U.S. stocks finished marginally higher on Wednesday, following a better-than-expected report on new home sales. The Dow Jones Industrial Average rose 18.75 points, or 0.12%, higher at 16,198.41. The S&P 500 was up 0.04 point at 1,845.16. The Nasdaq Composite gained 4.48 points, or 0.10%, higher at 4,292.06.

U.S. sales of new homes rebounded in January to the fastest pace in more than five years, offering hopes that housing could be regaining momentum after a slowdown last year caused by rising interest rates. Sales of new homes increased 9.6 percent in January to a seasonally adjusted annual rate of 468,000, the Commerce Department reported Wednesday.

J.C. Penney Co Inc (JCP) on Wednesday forecast more improvement in its comparable sales and gross profit margin this fiscal year as its business continues to turn around. For the fourth quarter ended Feb 1, Penney reported net income of $35 million, or 11 cents per share, compared with a loss of $552 million, or $2.51 per share, a year earlier.

Ahead of its plans for a giant battery factory, Tesla Motors said today that it is going to sell $1.6 billion in bonds to fund its projects, including a mass-market electric car.