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Gain In Housing Starts Boosts Markets To Higher Close

By: MarketMinute.com Market Updates

Posted on July 18, 2012 at 18:06 PM EDT

Housing starts climbed in June to the highest level in more than three years to boost the markets to a sharply higher close with the Dow soaring 103 points to 12,908. Nasdaq leaped 38 points to 2948.
On the upside
Aruba Networks (Nasdaq: ARUN) was selected as the official wireless network provider for Black Hat USA 2012 for the fourth year in a row.
Amphenol (NYSE: APH) reported higher second quarter earnings that topped analyst estimates and lifted its full year guidance.
VMware (NYSE: VMW) named EMC (NYSE: EMC) executive Pat Gelsinger as its new chief executive.
On the downside
Knight Capital (NYSE: KCG) blamed losses from the Facebook (Nasdaq: FB) initial public offering for sharply lower second quarter earnings.
Harte-Hanks (NYSE: HHS) blamed an impairment charge for warning of a second quarter loss.
Stifel Nicolaus downgraded Penn Virginia (NYSE: PVA) to a Hold rating.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 805.

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