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The Dow Now: Solid Housing Data Helps Stocks Hold Gains

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Bank of America and Home Depot lead gainers.

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MINYANVILLE ORIGINAL Solid housing data lifted the markets in the morning but by midday, US equities are back to flat levels, with energy stocks weighing indices down after oil futures fell.

"The reaction to QE3 was amazing, but market's looking a bit overextended and tired here," Harry Clark, chairman and CEO of Clark Capital Management Group, told CNBC. "We're nearing a top and due for a 6 to 8 percent pullback, which typically you'll see through October before rallying through year-end."

The Dow Jones Industrial Average (^DJI) is up 0.31% to 13,606.12 points as of 11:59 a.m. EDT.

Bank of America (BAC) (+1.52% to $9.37) and Home Depot (HD) (+1.73% to $59.88) are the Dow's greater gainers of the day thus far. Both are up after data released by the National Association of Realtors earlier pointed to a 7.8% increase in existing home sales in August to a two-year high of 4.82 million, higher than the consensus estimate of 4.6 million.

Alcoa (AA) also moved up 1.05% to $9.59 on news that Swiss commodity trader Glencore will make an offer for the aluminum maker's troubled plant in Sardinia, Italy.

Dow energy components Chevron (CVX) (-0.36% to $116.55) and Exxon Mobil (XOM) (-0.07% to $91.59) both suffer slight dips after oil futures plunged.


Twitter: @sterlingwong
No positions in stocks mentioned.
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