Stocks are Mostly Higher on Housing Market News 10/17/12
October 17, 2012
NEW YORK (AP) - A surprisingly strong housing report is pushing the stock market mostly higher even as weak earnings reports from Intel and IBM weighed on the Dow Jones industrial average.
IBM's sales fell below Wall Street's expectations, and Intel warned that sales of personal computers will likely remain weak during the holiday season.
Most stocks were higher following a report that builders broke ground on new single family houses and apartments at the fastest pace since July 2008. It was the latest sign of recovery in the housing market.