Dow slides in midday trading; Facebook soars

AP News
Posted: Jul 25, 2013 11:55 AM
Dow slides in midday trading; Facebook soars

NEW YORK (AP) — Stocks are mostly lower on Wall Street after several companies reported disappointing earnings.

Home builder PulteGroup plunged 9 percent to $16.76 after reporting a 14 percent plunge profits. Another major home builder, D.R. Horton, fell 7 percent to $19.63.

Technology shares fared better than the rest of the market.

Facebook soared 25 percent to $32.99 after reporting earnings late Wednesday that easily beat the forecasts of Wall Street analysts as mobile ad revenue rose.

The Dow Jones industrial average was down 69 points at 15,472 as of noon Thursday.

The Standard & Poor's 500 index was down four at 1,681. The tech-heavy Nasdaq composite was up three points at 3,582.

The yield on the 10-year Treasury note climbed to 2.62 percent from 2.59 percent the day before.