Cisco leads Dow higher; other indexes edge up

NEW YORK (AP) ? Encouraging earnings from Cisco and hopeful signs in a housing report nudged the stock market up Thursday.

Cisco Systems led the 30 stocks in the Dow Jones industrial average, surging 8 percent. The world's largest maker of computer networking equipment reported earnings that beat expectations and raised its quarterly dividend to 14 cents per share from 8 cents. Cisco gained $1.44 to $18.78.

Before the market opened, the Commerce Department reported that construction of single-family homes and apartments dipped 1.1 percent in July compared with June. But market analysts seized on another number: Building permits jumped to 812,000, the most since August 2008 and a hint of stronger construction in coming months.

The Dow Jones industrial average rose 58 points to 13,223 as of noon EDT, an increase of 0.4 percent.

"The market is just treading water," said Steve Wood, chief market strategist for Russell Investments.

Wood said he expects the stock market to remain relatively tame until Federal Reserve Chairman Ben Bernanke gives a speech at Jackson Hole, Wyo., at the end of the month. Investors expect Bernanke's speech will clarify whether the Fed plans to take any new steps to help the economy.

Facebook sank $1.30, more than 6 percent, to $19.90 on the first day that its early investors and a handful of founders were free to sell their stock. In all, 271 million shares can be sold, according to Facebook's regulatory filings.

In other trading, the broader Standard & Poor's 500 index edged up five points to 1,410. The Nasdaq composite index rose 19 points to 3,055.

Markets often languish in August. Fewer shares change hands in late summer as trading desks remain short-staffed until people return from vacation after the Labor Day holiday. Without any major economic news, trading volume usually dries up and stock indexes appear sluggish, as if stuck in their beach chairs.

By the closing bell Wednesday, just 2.6 billion stocks had traded on the New York Stock Exchange. Three months ago, daily trading volume on the NYSE averaged 3.8 billion.

Among other stocks making big moves Thursday:

? Agilent Technologies slid 8 percent, the worst drop in the S&P 500. Agilent said a slump in global demand for its high-tech measuring products helped tug net income down 26 percent. Its stock lost $3.18 to $37.29.

? PetSmart Inc. climbed 4 percent after the pet products store posted better earnings than analysts' forecasts. PetSmart's quarterly net income rose 28 percent, and it raised its annual profit forecast for the second time this year. The company's stock added $3 to $70.52.

Source: http://news.yahoo.com/cisco-leads-dow-higher-other-indexes-edge-161629726--finance.html

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