Stocks Ended Mostly Lower after Housing Data

U.S. stocks ended mostly lower on Tuesday, as investors digested housing data that some saw as hopeful for an economy struggling to grow. The Dow Jones Industrial Average gained 13.51 points, or 0.07%, to 18,312.39. The S&P 500 was off 1.37 points, or 0.06%, to 2,127.83. The Nasdaq Composite was down 8.40 points, or 0.17%, to 5,070.03.

U.S. housing starts jumped to their highest level in nearly 7-1/2 years in April and building permits soared, hopeful signs for an economy that is struggling to regain strong momentum after a dismal first quarter.

Wal-Mart Stores Inc (WMT.N) on Tuesday joined the list of U.S. retailers reporting disappointing quarterly results, saying consumers’ pocketing tax refunds and savings from cheaper gasoline had dented its sales growth. Wal-Mart said sales at stores open more than a year increased 1.1 percent in the 13 weeks ended on May 1 from a year earlier.

UPS has agreed to pay $25 million to settle some allegations that it submitted false claims to the U.S. government in an attempt to hide late deliveries, according to court documents unsealed on Tuesday and released by the U.S. Department of Justice.

Dick’s Sporting Goods Inc. reported a fiscal first-quarter profit at the high end of expectations. For the quarter ended May 2, net earnings fell to $63.3 million, or 53 cents a share, from $70 million, or 57 cents a share, in the same period a year ago. The company had provided a first-quarter EPS estimate of 49 cents to 53 cents. Total sales rose to $1.565 billion from $1.439 billion.

About the Author

has written 14548 stories on this site.

Copyright © 2012 Nine Stocks