Stocks rose in pre-holiday trade Friday despite a bigger than expected decline in existing home sales that left no doubt that the housing market remains mired in a year-long slump.
Technology shares led the rebound after leading the way lower on Thursday, with the Nasdaq up half a percent in midday trade.
SourceFource, formerly VA Software, jumped on news of a name change. Concord Monitor - Sales slump::
The problems have trickled down to the car industry, analysts and dealers said. said car dealers always keep a close eye on the housing market to predict sales.
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Home Remodeling: News & Videos about Home Remodeling - CNN.com::
Home Depot posted a 66% drop in quarterly profit Tuesday, as it paid to close stores and cut back on expansion plans amid the housing slump, although the results
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RF Micro climbed on a Jefferies & Co. upgrade.
Agilysys, Aruba Networks, Verigy and VimpelCom all gained on their results. The Big Picture | Housing slump comes to the Hamptons::
But, the market seems to quickly digest any down cycle. other Wall Street gliterratti geniuses cant keep a single dollar of their own
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GSI plunged on a warning. Other earnings decliners included Peerless and Mentor Graphics.
In midday trade, the Nasdaq was up 12 to 2549, the S&P 500 rose 4 to 1511, and the Dow gained 30 to 13,471. Volume was light and breadth was positive.
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