Stocks are mostly higher on housing market news
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.
The Dow was down 10 points at 13,541 in midday trading Wednesday.
Broader market indicators rose. The Standard & Poor's 500 index gained five points to 1,460 and the Nasdaq composite rose eight points to 3,109.
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.