US stocks drift lower at midday; Homebuilders sink

US stocks drift lower at midday; Homebuilders sink


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NEW YORK (AP) — U.S. stocks are moving lower in midday trading, giving up an early gain.

Beazer Homes, Ryland Group and other homebuilder stocks fell after a survey showed that the industry's confidence in the housing market remains low.

Coca-Cola rose after reporting higher sales of non-carbonated beverages. Johnson & Johnson rose 2 percent after reporting higher profits.

The Standard & Poor's 500 index fell six points, or 0.4 percent, to 1,824 as of noon Eastern Time.

The Dow Jones industrial average shed 54 points, or 0.3 percent, to 16,119. The Nasdaq composite dropped 46 points, or 1.2 percent, to 3,977.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.61 percent.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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The Associated Press

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