Wall Street closed a choppy session slightly higher overnight as investors considered the latest company earnings results. The financials led the gains following an upbeat housing report.
The Dow Jones industrial average rose 15 points to 9,109. The S&P500 Index rose 3 to 982 and the NASDAQ gained 2 points to 1,968.
In economic news: According to the U.S. Department of Housing and Urban Development, sales of newly constructed single-family homes jumped 11 per cent in June. However the result was still 21 per cent lower than a year ago.
In company news: Shares in telecom Verizon Communications Inc (NYSE:VZ) fell 1.59 per cent to $31. The company posted stronger revenue that beat expectations, but a drop in earnings. The company also says it plans to cut 8,000 jobs from its wireline business which has been hurt by the recession.
Shares in aerospace and transportation manufacturing company Honeywell International Inc (NYSE:HON) rose 0.74 per cent to $34.24. The company reported lower earnings in line with expectations and weaker than expected revenue. Honeywell warned that earnings and sales for 2009 are likely to be at the lower end of previous guidance.
Electronic goods retailer RadioShack Corporation (NYSE:RSH) shares dropped 6.6 per cent to $15. The company posted earnings for the quarter that beat estimates. Lower costs and better sales of netbooks, prepaid wireless handsets and digital televisions helped drive the result.
And shares in health insurer Aetna Inc (NYSE:AET) lost 2.72 per cent to $25.72. The company posted lower earnings that fell below expectations on stronger revenue that beat estimates. The company also downgraded its 2009 outlook.
Checking the NASDAQ Top 100: The best performer was Seagate Technology which adding 5.98 per cent to $12.22. While Liberty Global and Logitech International also climbed higher. The worst performing stock was Akamai Technologies down 3.79 per cent to $20.33, with Ryanair Holdings and Flextronics also closing lower.
