Why the Dow Could Close Higherhttp://www.fool.com/investing/general/2012/11/20/why-the-dow-could-end-higher.aspx John Maxfield
November 20, 2012
Positive economic news on the housing front has failed to outweigh continued concerns about corporate profits this morning. Following a massive rally yesterday, the markets were down throughout the morning and are now flat. As of 11:55 a.m. EST, the Dow Jones Industrial Average (INDEX: ^DJI ) is up a meager eight points.
Housing recovery continues on
This adds to a growing chorus of evidence suggesting that housing has turned the corner. Data released by the National Association of Realtors yesterday showed that sales of existing homes last month increased 2.1% over September and 10.9% over the same month last year. As I noted yesterday, the association's chief economist even went so far as to say that we "may have a persistent inventory shortage situation next year."
To see why our own Morgan Housel thinks a housing recovery is evidence of a "coming boom," click here.
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More significantly, the company wrote off $8.8 billion in goodwill associated with its acquisition of Autonomy, a U.K. software maker for which HP paid more than $10 billion in 2011. HP CEO Meg Whitman is leveling allegations of fraud against the acquired company's former management, saying that an internal investigation revealed "se