Stocks Drift Up, Remain Off Highs

Updated from 11:08 a.m. EST

Stocks in New York were again working their way higher midday Tuesday as investors took in the release of the worst pending home sales and other economic data.

The Dow Jones Industrial Average was rising 45 points at 8998, and the S&P 500 added 6 points at 933. The Nasdaq was climbing 21 points at 1649.

Banks Citigroup (C Quote) and Bank of America (BAC Quote) as well as automaker General Motors(GM Quote)were recently registering the biggest --albeit less than 5% -- gains of the Dow components. Meanwhile, Merck (MRK Quote) and Verizon (VZ Quote) were the greatest decliners in the index.

Wall Street posted an apathetic trading day Monday as updates on U.S. auto sales, Steve Jobs' health, the president elect's stimulus plan, and disgraced investor Bernard Madoff played on the market.

The National Association of Realtors said Tuesday that thepending home sales index declined in the face of job losses and an eroding economy after holding fairly stable for a year. The index, based on contracts signed in November, fell 4% to 82.3 from 85.7 in October, and is 5.3% below a year prior. It's the lowest reading since the series began in 2001, according to the NAR.

"December's housing market activity could be comparably lower due to ongoing problems in the economy, so a real estate-focused stimulus plan is urgently needed," said Lawrence Yun, NAR chief economist.

Meanwhile, the Institute for Supply Management said its December index of non-manufacturing activity, rose to 40.6 from 37.3, four points higher than expected.