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Stocks inch higher but worries about Europe linger

2 years ago Wednesday, May 16, 2012 9:10:47 AM CDT May 16, 2012 Wednesday, May 16 2012 May 16, 2012 in News
Source: Associated Press

NEW YORK- Hopes that the U.S. housing market is starting to recover sent stocks edging higher on Wall Street.

The market's gains are being held back by continuing worries that Greece's political deadlock could fracture the European Union and roil global markets.

The Dow Jones industrial average rose 20 points to 12,664 at shortly before noon Wednesday. The Standard & Poor's 500 added two points to 1,332. The Nasdaq composite rose 1 point to 2,894.

Home builder stocks rose after the Commerce Department said builders started work on new homes at an annual pace of 717,000 last month, 2.6 percent more than in March.

In Europe, a potentially chaotic situation was developing in Greece, where power-sharing talks collapsed and new elections were called for next month.

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