Stocks meandered between small gains and losses, cooling off after a rally that had pushed the S&P 500 above 1,500 for the first time since 2007. Encouraging manufacturing news gave an early lift, but stocks slipped after a report on home sales. The US said before trading began that orders for long-lasting goods rose in December by 4.6%, but after trading began, the National Association of Realtors said its index of pending home sales fell in December, suggesting sales may slow. Hess was the S&P 500’s big gainer, adding 6.1% after it said it plans to sell its US terminal network, shutter its New Jersey refinery, and shift to exploration and production.
Stocks cool after data on housing disappoint
January 29, 2013
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