4th Monthly Decline in Existing U.S. Home Sales, Factory Output Growth Slows

Nichole Harper
28 Oct, 2013
New York City

Stocks on Wall Street were nearly unchanged and earnings were in focus. One euro fetched $1.37 and oil and gold advanced. Existing home sales declined for the fourth month in a row. Output at factories increased 0.1% in September from revised 0.5% gain in August.

[R]12:25 PM New York – Stocks on Wall Street were nearly unchanged and earnings were in focus. One euro fetched $1.37 and oil and gold advanced. Existing home sales declined for the fourth month in a row. Output at factories increased 0.1% in September from revised 0.5% gain in August.[/R]

Stocks on Wall Street gained as more companies release earnings and investors look to a two-day Fed meeting starting tomorrow.

S&P 500 index increased 5.73 to 15,576.01 and the Nasdaq Composite Index edged down 4.65 to 3,938.71.

Market indexes in Europe closed mixed and business operations in London were disrupted after a heavy storm with gusting winds knocked out power supplies in Southern England.

In London trading, FTSE 100 index fell 0.2% or 13.12 to 6,708 and in Frankfurt the DAX index slid 0.3% or 31.70 to 8,954.

In Paris, CAC 40 index slipped 0.8% or 33.69 to 4,239.

U.S. Stocks in Review

Apple Inc ((AAPL)) was nearly unchanged at $526 ahead of earnings after the close and the iPhone and other gadgets maker is expected to report quarter earnings of $7.92 a share.

Consol Energy Inc. declined 1.5% to $37.65 and the company agreed to sell it coal mines and other assets to Murray Energy Corp for $850 million.

Consol is in the middle of a corporate reorganization and is looking to focus on its natural gas assets to reflect its full value of assets in its stock price.

Dendreon soared 13% to $2.83 after the prostate-cancer treatment drug maker is working with JP Morgan & Chase Co to find a buyer. The company failed to meet its milestones in the last several years and has racked up more than $1.8 billion in losses in a decade.

Merck & Company ((MRK)) declined 3% after the drug maker reported third quarter adjusted earnings of 92 cents a share and sales declined 4% to $11 billion.