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Market Update

4th Monthly Decline in Existing U.S. Home Sales, Factory Output Growth Slows

Author: Nichole Harper
Last Update: 12:27 PM ET October 28 2013

12:25 PM New York Stocks on Wall Street were nearly unchanged and earnings were in focus. One euro fetched $1.37 and oil and gold advanced. Existing home sales declined for the fourth month in a row. Output at factories increased 0.1% in September from revised 0.5% gain in August.

Stocks on Wall Street gained as more companies release earnings and investors look to a two-day Fed meeting starting tomorrow.

S&P 500 index increased 5.73 to 15,576.01 and the Nasdaq Composite Index edged down 4.65 to 3,938.71.

Market indexes in Europe closed mixed and business operations in London were disrupted after a heavy storm with gusting winds knocked out power supplies in Southern England.

In London trading, FTSE 100 index fell 0.2% or 13.12 to 6,708 and in Frankfurt the DAX index slid 0.3% or 31.70 to 8,954.

In Paris, CAC 40 index slipped 0.8% or 33.69 to 4,239.

U.S. Stocks in Review

Apple Inc (AAPL) was nearly unchanged at $526 ahead of earnings after the close and the iPhone and other gadgets maker is expected to report quarter earnings of $7.92 a share.

Consol Energy Inc. declined 1.5% to $37.65 and the company agreed to sell it coal mines and other assets to Murray Energy Corp for $850 million.

Consol is in the middle of a corporate reorganization and is looking to focus on its natural gas assets to reflect its full value of assets in its stock price.

Dendreon soared 13% to $2.83 after the prostate-cancer treatment drug maker is working with JP Morgan & Chase Co to find a buyer. The company failed to meet its milestones in the last several years and has racked up more than $1.8 billion in losses in a decade.

Merck & Company (MRK) declined 3% after the drug maker reported third quarter adjusted earnings of 92 cents a share and sales declined 4% to $11 billion.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc