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General Electric Co. tumbled 6 percent as the industrial giant reported lower second-quarter profits after the recession hurt results in its finance, health care and NBC Universal businesses. And Google Inc., owner of the most popular Internet search engine, lost ground as its rate of revenue growth fell by more than half.
Major indexes pared losses following a government report showing new U.S. housing starts and permits jumped more than expected in June. The U.S. Commerce Department said the 3.6 percent increase brought starts to an annual rate of 582,000, the highest level since November. And building permits, a sign of future construction, climbed 8.7 percent to the highest level of the year.
Moreover, International Business Machines Corp. surged 4.3 percent after increasing its full-year forecast. Bank of America and Citigroup joined the other U.S. big banks in reporting better than expected earnings. Both traded flat during the session.
The Dow Jones rose 32.12, or 0.37 percent, to 8,743.94. Broader indexes moved mixed. The Standard & Poor's 500 index dipped 0.36, or 0.04 percent, to 940.38; and the Nasdaq rose 1.58, or 0.08 percent, to 1,886.61.