Stocks open mostly lower on Wall Street

AP News
Posted: Jul 25, 2013 9:48 AM
Stocks open mostly lower on Wall Street

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

Home builder PulteGroup plunged 9 percent to $16.89 after reporting a 14 percent plunge profits. Another major home builder, D.R. Horton, fell 7 percent to $19.62.

Technology shares fared better than the rest of the market.

Facebook soared 27 percent 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 65 points at 15,478 after the first few minutes of trading Thursday.

The Standard & Poor's 500 index was down three at 1,683. The 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.