Bloomberg News

U.S. Stocks Reverse Gains After Dow Rises to Highest Since 2008

January 26, 2012

Jan. 26 (Bloomberg) -- U.S. stocks reversed gains after new home sales trailed economists’ estimates, halting a rally that sent the Dow Jones Industrial Average above its highest level since May 2008.

The Dow added 37.31 points, or 0.3 percent, to 12,794.27 after earlier climbing as high as 12,841.95. The Standard & Poor’s 500 Index rose less than 0.1 percent after increasing 0.6 percent earlier.

Earlier gains in equities came after earnings at companies including Caterpillar Inc., 3M Co. and Time Warner Cable Inc. exceeded analysts’ estimates and orders for durable goods increased more than economists forecast.

--Editor: Michael P. Regan

To contact the reporter on this story: Michael P. Regan in New York at mregan12@bloomberg.net

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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