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Wall Street edges higher on new home sales data

Wall Street edged higher on Monday as new home sales data offset disappointing corporate earnings.

The U.S. Commerce Department reported on Monday that new home sales in June surged 11 percent, the largest increase in more than eight years, adding to evidence the housing slump is stabilizing.

Verizon Communications Inc., one of the largest U.S. mobile service provider, posted a 21-percent profit drop and planned to trim more than 8,000 positions in the second half of the year.

Aetna, the third-largest U.S. health insurer, slipped more than4 percent after cutting its profit forecast for the second time in two months.

And Honeywell International Inc., the maker of airplane cockpit equipment and thermostats, said it doesn't expect any recovery this year from the recession. The manufacturer posted that its second quarter earnings dropped 38 percent.

The Dow Jones average rose 15.27, or 0.2 percent, to 9,108.51. The Standard & Poor's 500 index was up 2.92, or 0.3 percent, to 982.18, while the Nasdaq composite index rose 1.93, or 0.1 percent, to 1,967.89.

 Source : Xinhua  Editor: Ivy
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