At midday on Wednesday the New York equities markets seemed to have risen above Tuesday’s declines, helped along by comments from Federal Reserve Chairman Ben Bernanke that Tuesday’s conditions in global equities markets had done nothing to change his assessment that the US economy could look forward to moderate growth this year. By mid-session, the Dow Jones Industrial Average had added 0.3 percent to 12,257.74, while the Nasdaq Composite was 0.2 percent higher to 2,413.64 and the S&P 500 was up 0.3 percent to 1,405.75.
The telecommunications sector was higher after Sprint Nextel (NYSE: S) added 2.5 percent to $19.41 on its report that quarterly profits were up and that it expects to gain more subscribers. That news helped Verizon (NYSE: VZ), which gained 1.8 percent to $37.20.
In the pharmaceuticals sector, Merck (NYSE: MRK) added 2.1 percent to $44.10 after it improved this years earnings forecast.
Homebuilders were lower after new data that showed new home sales down at its steepest rate in 13 years. The S&P Homebuilders index dropped 1.5 percent, and Toll Brothers (NYSE: TOL) saw its shares fall 2.4 percent to $29.85. In a related sector, home improvement retailer Home Depot (NYSE: HD) said it would likely see slower sales due to the downturn in the housing market. That statement sent its shares 0.6 percent lower to $39.59.