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U.S. stocks were little changed, a day after the Standard & Poor’s 500 Index rallied to the highest level since August, as a decline in Apple Inc. shares offset better-than-estimated housing data. U.S. stock futures pared losses before the start of regular trading as a Commerce Department report showed that builders began work on more U.S. homes than forecast in September on rising demand for apartments and condominiums as more Americans become renters. The cost of living in the U.S. rose in September at the slowest pace in three months, signaling inflation may moderate as Federal Reserve officials have predicted.
German Chancellor Angela Merkel is in “intense” talks with all partners on a debt-crisis solution for a European Union summit on Oct. 23, deputy government spokesman Georg Streiter said. German Finance Minister Wolfgang Schaeuble hasn’t specified how much additional firepower the European bailout fund may have, ministry spokesman Martin Kotthaus told reporters today in Berlin.
Dow 11,610.50 +33.45 +0.29%, Nasdaq 2,643.44 -13.99 -0.53%, S&P 500 1,225.16 -0.22 -0.02%
Apple, the world’s largest technology company, slumped 3.9 percent after profit missed estimates for the first time in at least six years.
Citigroup Inc. rose 2.6 percent as it agreed to pay $285 million in a Securities and Exchange Commission settlement.
Morgan Stanley, owner of the world’s largest brokerage, gained 1.7 percent as earnings beat forecasts.
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