Midday Market Update: Markets Flat Despite Positive Earnings | Page 2 of 2 | ETF Trends

June housing construction rose to its highest level in seven months as builders rushed to pour foundations to enable first-time home-buyers to take advantage of tax credits.  Additionally, the Commerce Department reported that construction of new homes and apartments jumped 3.6% last month.  These numbers are all better than expected and are a sign that the economy may be in recovery mode.  The news sent the SPDR S&P Homebuilders (XHB) up about 2% in intraday trading.

Overall, all three major U.S. indexes are down this morning.  The Dow Jones Industrial Average declined nearly 0.1%, the S&P 500 dropped 0.4% and the Nasdaq fell 0.4%.

For more stories on financials, visit our financial category.

Kevin Grewal contributed to this article.