(Corrects spelling of company's name to "Cummins" in 2nd
bullet point and paragraph 10 in late morning report)
* Dow component DuPont gains as profit triples
* Cummins rises after profit tops view
* Home prices increase, consumer sentiment off
* Indexes off: Dow 0.1 pct; S&P 0.3 pct; Nasdaq 0.5 pct
* For up-to-the-minute market news see []
(Adds consumer confidence data, changes quote)
By Rodrigo Campos
NEW YORK, July 27 (Reuters) - Weaker-than-expected
consumer confidence reversed early stock gains fueled by
strong corporate earnings on Tuesday, leaving indexes slightly
lower.
Despite the weakness, the S&P 500's upward momentum was
intact as key levels held.
Consumer confidence fell in July to its lowest point since
February, weighed by worries about the job market, according
to a report by the Conference Board. For details, see
[]
DuPont & Co <DD.N> jumped 3.4 percent to $40.33, buoying
the Dow Industrials, after quarterly profit nearly tripled on
strong sales in all of its businesses. []
"It has taken investors a bit to catch on to the sentiment
that earnings are in fact pretty good," said Bruce Zaro, chief
technical strategist at Delta Global Advisors in Boston. "(The
pause) is healthy and it's not a sign as of this point that
this rally has run its course."
The Dow Jones industrial average <> shed 9.99 points,
or 0.09 percent, to 10,515.44. The Standard & Poor's 500 Index
<.SPX> dropped 3.55 points, or 0.32 percent, to 1,111.46. The
Nasdaq Composite Index <> fell 10.50 points, or 0.46
percent, to 2,285.93.
The S&P 500 hit a session high near 1,120, around the
midpoint between its 2007 historic high and 12-year lows hit
in 2009. That retracement is seen by analysts as a strong
technical resistance.
Other technical analysis, including the moving average
convergence-divergence and momentum, continued to show bullish
signals for the three major indexes.
Corporate results indicated the economy was on a better
footing than many had expected, analysts said.
Cummins Inc <CMI.N>, the engines and power-generation
equipment maker, shot up 2 percent to $79.38 after reporting
stronger-than-expected quarterly results and raising its
annual forecast on strong demand overseas. []
Home prices in major U.S. metropolitan areas rose more
than expected in May, offering some reassurance after recent
weak housing data pointed to a softening in the housing
market. []
(Editing by Jeffrey Benkoe)