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Wall Street: Weds mid-session

13 April 2012

INVESTORS in US blue-chips held their ground in early trade, as they waited for fresh direction from a batch of economic data later this week. The main movement was in technology shares, which fell slightly.

Thursday brings the next crop of economic data, including reports on weekly jobless claims, retail sales for November and business inventories.

The blue-chip Dow Jones industrial average was down 2.08 points, or 0.02%, at 9,921.34. The broader Standard & Poor's 500 Index dipped 1.75 points, or 0.17%, to 1,058.43. The technology-heavy Nasdaq Composite Index fell 10.74 points, or 0.56%, to 1,897.58.

Home builders slumped after a report showed Americans filed fewer requests for a new mortgage last week, bringing the weekly volume to its lowest level in nearly a year and a half even as mortgage rates fell.

KB Home dropped $1.91, or 2.8%, to $66.51, Centex lost $3.52, or 3.3%, to $104 and Pulte Homes fell $3.71, or 4.1%, to $86.67. Freddie Mac was up 18 cents at $54.18 after the beleaguered mortgage finance company agreed to a penalty of $125m to settle US regulators' accusations that it manipulated earnings.

BellSouth fell 46 cents, or 1.7%, to $26.75 after the telephone company said it agreed to sell its stake of Danish wireless provider Sonofon to Telenor ASA for about $600m.

AutoZone sank $9.59, or 10.5%, to $81.75. The largest US auto parts retailer reported a 16% rise in quarterly profit, but sales at its stores open at least one year were sluggish.

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