Midday Report: Barclays Sours on Apple; Existing Home Sales Close Out Best Year in a Decade

Basic materials and industrials stocks pulled markets higher following earnings wins from DuPont (DD) - Get Report and AK Steel (AKS) - Get Report . The pace of earnings releases has picked up in recent days as Wall Street enters the thick of reporting season. Alibaba (BABA) - Get Report was another earnings winner, topping top- and bottom-estimates in its third quarter. Digital media and entertainment revenue drove the bulk of growth with sales rocketing nearly 300% higher. Existing home sales in December fell, though closed out the best year in a decade. Sales of previously-owned homes sat at a nine-year high in November. Inventory continued to tighten in December, ending the month at its lowest since the turn of the century. Apple (AAPL) - Get Report was downgraded to equal weight at Barclays. Analysts said there appears to be limited near-term upside in the company's earnings potential.