US stocks closed mixed overnight, as investors withdrew to assess the previous day’s rally. Materials and bank stocks dragged on the market, while gains were seen in the healthcare sector and in utilities.
The Dow Jones Industrial Average is up 20 points to 10,247. The S&P500 Index is steady at 1,093 and the NASDAQ fell 3 points to 2,151.
In economic news: According to the National Association of Realtors most US cities saw a rise in the median house price for single family homes sold in the last quarter. Nationally the median house price rose $7,000 in the third quarter to $177,900.
And a report from the Treasury Department said 650,000 struggling borrowers have been placed into trial loan modifications as part of the Obama administrations foreclosure rescue plan.
In company news: Shares in wireless communications provider Sprint Nextel Corp (NYSE:S) fell 5.54 per cent to $3.24. The company has revealed plans to slash its workforce by up to 2,500 jobs in an effort to reduce costs.
Shares in bank HSBC Holdings Plc (NYSE:HBC) gained 3.09 per cent to $60.10. HSBC reported earnings for the third quarter that came in well above last year, also saying that losses on US consumer loans had fallen for the first time in around three years.
Shares in insurance company American International Group Inc (NYSE:AIG) rose 3.9 per cent to $37.59. According to Reuters the group has made good progress on its restructuring plan and is looking like it may be able to repay its loan from the government and most of its preferred equity stake.
And shares in Clearwire Corp (NASDAQ:CLWR) added 6.62 per cent to $7.25. Clearwire says it plans to raise $1.56 billion to help fund a high-speed wireless network.
In the NASDAQ Top 100: Priceline.com was the best performer, advancing 17.55% to $204.22, Followed by Research in Motion and Hologic. The worst performer was Electronic Arts its down 6.35% to $18.29. Nvidia and Apollo Group also closed lower on Tuesday.
