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January 29, 2013 at 11:46 AM EST
Markets Advance As Home Prices Climb
The markets advanced during the midday with the Dow gaining 56 points to 13,938 as home prices climbed in November. Nasdaq held steady at 3153.
On the upside
Fourth quarter earnings soared for Valero Energy (NYSE: VLO) to surpass analyst expectations by a wide margin.
D.R. Horton (NYSE: DHI) reported sharply higher first quarter earnings that more than doubled as housing prices climbed.
Peabody Energy (NYSE: BTU) fell to a loss for the fourth quarter but the company expects coal prices to recover.
On the downside
Seagate Technology (Nasdaq: STX) reported lower second quarter earnings and forecast current quarter revenue below estimates. Investors locked in profits on Zynga (Nasdaq: ZNGA).
Ford (NYSE: F) warned that losses in Europe could reach $2 billion in 2013.
In the broad market, advancing outpaced decliners by a margin of more than 9 to 7 on the NYSE and by nearly 10 to 9 on Nasdaq. The broader S&P 500 index rose 4 points to 1505.
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