The S&P 500 rose 0.02% to 1,962.95 in midday trading Tuesday.
The Dow Jones Industrial Average was down 0.16% to 16,910.60, while the Nasdaq was up 0.47% to 4,389.39.
The yield on a 10-year Treasury bond declined 0.57% to 2.61%.
The price of gold was up 0.11% to $1,319.80.
HOMEBUILDING
Homebuilders were up today on acquisitions and sector strength. U.S. new home sales were up 19% in May, to an annualized rate of 504,000—the highest level in six years and 15% more than the expected 440,000, according to the U.S. Department of Commerce.
Newport Beach-based William Lyon Homes was up 6.3% to $28.70 for a market capitalization of $896 million. That followed a 5% rise at its highest point yesterday, when it announced a deal to buy Bellevue, Wash.-based Polygon Northwest Co. LLC for $520 million.
Irvine-based Tri Pointe Homes Inc. was up 1.66% to $16.55 to a market cap of $523.5 million. It’s buying the homebuilding operations of Federal Way, Wash.-based Weyerhauser Co.
Irvine-based Standard Pacific Corp. was up 2.18% to $8.44 and a market cap of $2.35 billion.
TECHNOLOGY
Irvine-based Broadcom Corp. was down 2% to $37.15 and a market cap of $21.7 billion. A Linley Group analyst said Broadcom’s decision to sell its baseband unit may affect the company’s dominant position in “combo” chips, which are used for WiFi and Bluetooth connections in mobile.
