Sales of new homes unexpectedly rose in April while consumer confidence retreated to a 16-year low. The Dow added 27 points to 12,507 while Nasdaq rose 20 points to 2465.
On the upside
Affiliates of private equity firm MatlinPatterson Global Advisers LLC planned to invest $530 million into Homebuilder Standard Pacific (NYSE: SPF).Quantum Fuel Systems (Nasdaq: QTWW) and its German solar partner, Asola Advanced and Automotive Solar Systems GmbH landed a $17 million contract from Sunworx GmbH to supply high-efficiency silicon photovoltaic solar modules.
Zale Corp. (NYSE: ZLC) said the jewelery retailer's board approved increasing its share buyback plan by $50 million to a total authorization of $350 million for fiscal 2008.
On the downside
Health care services company Pediatrix Medical Group (NYSE: PDX) lowered its 2nd quarter and full-year outlook due to fewer neonatal patients.
Biopharmaceutical company Favrille (Nasdaq: FVRL) suspended its non-Hodgkin's lymphoma drug candidate after it failed a late-stage trial.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 8 points to 732.
