Stocks zigzag in early trading
NEW YORK — Stocks are zigzagging following a report that new home sales edged higher in August but fell short of economists’ expectations.
The Commerce Department says new home sales edged up 0.7 percent in August after jumping in July.
The report follow weaker-than-expected data on durable goods. Disappointing quarterly results from BlackBerry maker Research In Motion Ltd. are weighing on the tech-heavy Nasdaq composite index.
The Dow Jones industrials are up 3 at 9,710, after being flat prior to the home sales data. The Standard & Poor’s 500 index is down 1 at 1,050, and the Nasdaq is down 6 at 2,102.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
NEW YORK (AP) — Stocks seesawed in early trading Friday after a weaker-than-expected report on durable goods orders touched off new worries about the strength of a recovery in the economy.
Investors were disappointed to hear that durable goods orders unexpectedly fell in August. The second drop in three months shows any rebound in manufacturing is likely to be slow.
The Commerce Department said orders for goods expected to last at least three years declined 2.4 percent, after increasing 4.8 percent in July. Economists polled by Thomson Reuters, on average, forecast a 0.5 percent increase.
The drop was due primarily to a sharp fall in demand for commercial aircraft, a highly volatile portion of the orders report. Even excluding aircraft and other transportation goods, orders were flat in August. Economists had been predicting a rise 0.5 percent in that number as well.
A key report on new homes is also due. The Commerce Department is expected to say new home sales rose 1.6 percent in August. An unexpected drop in existing home sales pushed the market lower Thursday.
Traders are also watching a meeting of leaders from the world’s 20 largest economies in Pittsburgh for indications of how those governments plan to bring about a strong, sustainable recovery.
In the first half-hour of trading, the Dow Jones industrial average rose 2.34, or less than 0.1 percent, to 9,709.78.
The broader Standard & Poor’s 500 index fell 0.60, or 0.1 percent, to 1,050.18, and the Nasdaq composite index fell 6.31, or 0.3 percent, to 2,101.30.
Falling stocks narrowly outnumbered those that rose on the New York Stock Exchange, where volume came to 105.6 million shares compared with 100.4 million shares traded at the same point Thursday.
The Russell 2000 index of smaller companies fell 0.34, or 0.1 percent, to 601.41.
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