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US midday: Stocks keep gains

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Date: Tuesday 26 Aug 2008

LONDON (ShareCast) - US stocks have held onto their early gains helped in by some better-than-expected economic data.

The Conference Board's consumer confidence index rose to 56.9 in August, up from a revised 51.9 in July. Expectations were of a slight increase to 52.4.

New homes sales unexpectedly rose 2.4% in July against the expectations of a 1% fall, according to the Commerce Department.

The news somewhat offset Standard & Poor's/Case-Shiller's June home price index, which dropped a record 15.4% during the quarter.

Later in the afternoon, minutes from the Federal Reserve’s August 5th rate setting meeting will be released.

Energy stocks were lifted by higher oil prices. Houston-based oil and gas company EOG Resources gained 4%.

Mortgage finance companies Fannie Mae and Freddie Mac jumped after Citigroup said they can stay above their minimum capital needs.

Across the markets, the Dow Jones is up 21 points to 11,408 with the Nasdaq rising 2 points to 2,367. The S&P 500 is up 3 points.

In company news, Smithfield Foods said Tuesday it fell into a first-quarter loss of $12.6m due in part to a $20.1m write-down in the value of commodity contracts.

Earnings reports are also out from book retailer Borders and clothing retailer J. Crew.

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