News Summary: Gold miners help stocks inch higher

AP News
Posted: Jul 22, 2013 5:30 PM

THE GOLDEN ARCHES: A disappointing earnings report from McDonald's weighed on the stock market on Monday. The fast food restaurant chain's slump knocked about 20 points off the Dow Jones industrial average and the index only just managed to end the day in positive territory.

GOLD: A big day for gold gave a boost to mining companies. The precious metal, which has slumped this year, climbed back above $1,300 an ounce on speculation that the Federal Reserve is going to take longer than initially expected to wind down its stimulus. That weakens the dollar and makes gold a more attractive alternative asset.

HOUSING DROP: Homebuilders took a hit after the National Association of Realtors said sales of previously occupied homes slipped in June. PulteGroup, D.R. Horton and Lennar all fell.