Stocks closed mostly higher Tuesday, after upbeat comments about the housing market by Treasury Secretary Henry Paulson lifted the beleaguered home building and home finance sectors.
But two principal indexes of U.S. stocks, the Dow Jones industrial average and the Standard & Poor’s 500 index, slipped. The Dow closed down 2.93 points, at 13,539.95. Honeywell International and Exxon Mobil were the biggest losers in the Dow.
The S&P 500 index, which has been closing in on its March 2000 record closing high, slipped less than 1 point.
Among the biggest percentage gainers in the S&P 500 index were home builders D.R. Horton, Pulte Homes, Centex and KB Home. The Standard & Poor’s index of 15 home-builder stocks rose 3.5 percent.
Financial-services stocks related to mortgage lending advanced, as well. Washington Mutual closed up $1.12, at $44.08.
Exxon Mobil, Microsoft and Lockheed Martin were among the losers in the S&P 500 index. Shares of retailers suffered after disappointing quarterly reports and outlooks by Staples and Zale.
Technology stocks rallied, thanks to gains by such well-known tech stocks as Apple, Intel and Dell. The Nasdaq composite index rose 9.23, to 2588.02, a 6-year high; the Russell 2000 small-company index added 6.27, to 839.92.
Among stocks in the news, casino operator MGM Mirage soared $17.03, or 27 percent, to $79.98. Financier Kirk Kerkorian indicated he might split up the company, in which he holds a majority stake. Casino stocks rallied along with MGM Mirage.
New York Stock Exchange trading volume reached 1.48 billion shares. Winners outnumbered losers by a 6-5 edge among NYSE stocks. Nasdaq trading volume totaled 1.95 billion shares, as winners topped losers by a 9-5 margin.
Treasury securities fell after Federal Reserve officials, in press interviews, reinforced their commitment to fighting inflation.
Remarks by Chicago Federal Reserve Bank President Michael Moskow late Monday and Richmond Federal Reserve Bank President Jeffrey Lacker on Tuesday diminished speculation that the Fed will cut short-term interest rates any time soon.
Crude oil for June delivery fell $1.30 per barrel, to $64.97, as the June contract expired.
