12:40 PM New York – Stocks on Wall Street meandered. Existing home sales declined 0.6% in March but media price rose 11.8%. Power-One soared 57% after ABB Ltd agreed to acquire the company for $1 billion.
On Wall Street market indexes turned positive after dropping as much as 0.6% after previously occupied home sales declined in March and the dollar dipped against the yen.
The S&P 500 index increased 0.2% to 1,558.17 and the Dow Jones Industrial Average, the narrow index of 30 large companies, declined 0.2% to 14,522.11.
The Nasdaq Composite Index increased 0.6% to 3,223.73.
ABB Ltd the Switzerland based power technology agreed to acquire solar photovoltaic inverters maker Power-One Inc. for approx $1 billion.
Share of Power- One surged 57% to $6.43 on the deal news.
Existing Home Sales Fall 0.6%
Sale of existing homes declined in March by 0.6% to 4.92 million annual rate, according to the data released by the National Association of Realtors.
Home sales in February had jumped 10.3% compared to the previous year month.
Inventory of existing homes for sales increased 1.6% to 1.93 million units, representing a supply of 4.7 months at March’s sales pace from the 4.6 in February.
Nationwide median home resale price increased to $184,300, up 11.8% from a year year ago month, the largest increase since November 2005.
The share of distressed sales in the month declined to 21% of home for sale last month, down from 25% in the previous month.
European indexes marginally higher on the first day of the week followed by gains on Friday. Philips shares fall 5.19%, as first quarter profit declines.
Nearly 1,700 Lufthansa flights were grounded today after the airline faced a strike.
In London trading, the FTSE 100 rose 0.08% or 4.86 to 6,291.45. The DAX in Frankfurt inched 0.29% to 7,481.95. In Paris, the CAC 40 added 0.13% or 4.68 to 3,656.64.
France and Spain both missed their budget deficit targets in 2012, as austerity bite harder, the Eurostat said Monday.
In Paris, the 2012 deficit was 4.5% of gross domestic product, higher than the 4.5% target.
Madrid reported budget deficit of 7.1% against initial targets of 6.3%, and higher than 6.8% reported in December.
Last year, the euro zone budget deficit declined to 3.5% of GDP from 4.2% in 2011. The deficit is forecast to shrink 2.8% in the current year.