Shares traded higher for much of the session on the back of an unexpectedly strong read on existing home sales, which lifted banks. But those gains dissipated in the last half hour of trading, with Wall Street briefly turning solidly negative before staging a rebound.
The Dow Jones industrial average dipped 1.67 points, or 0.01 percent, to 12,502.81 at the close. But the Standard & Poor's 500 Index was up just 0.64 of a point, or 0.05 percent, to 1,316.63. The Nasdaq Composite Index declined 8.13 points, or 0.29 percent, to close at 2,839.08.
Sales of existing U.S. homes rose sharply in April and a falloff in foreclosures pushed prices higher - welcome signs after a string of discouraging economic indicators.
The home sales data lifted banking and housing stocks. The S&P 500 financial sector index ended up 0.7 percent, with Bank of America Corp up 2.2 percent at $6.98. The Dow Jones U.S. home construction index gained 1.8 percent.
Dow Jones support, resistance level May 23 2012
Today's support: - 12452.72, 12375.80, 12341.22 and 12318.72(main), where a delay and correction may happen. Break of the latter will give 12301.80, where correction also can be. Then follows 12276.50. Be there a strong impulse, we shall see 12252.30. Continuation will bring 12400.00.
Today's resistance: - 12532.50, 12557.77, 12610.20 and 12656.06(main), where a delay and correction may happen. Break would bring 12682.24, where a correction may happen. Then follows 12743.80, where a delay and correction could also be. Be there a strong impulse, we'd see 12791.20. Continuation would bring 12823.35.
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