Midday Report: Finish Line's Surprise Drop in Same-Store Sales; Stocks Higher

Wall Street held slightly to modestly higher as crude oil recovered a level above $43 a barrel.
Author:
Publish date:

Wall Street held slightly to modestly higher as crude oil recovered a level above $43 a barrel. Crude oil prices reached a 10-month low earlier in the week on worries over a global supply-demand imbalance. Manufacturing activity in June fell to a nine-month low. A flash reading of manufacturing PMI declined, though still above the 50-level indicative of growth. New home sales came in hot in May, suggesting demand was still robust in the housing sector. Sales of newly built homes in the U.S. increased to a seasonally adjusted annual pace of 610,000, higher than consensus. Finish Line Inc. (FINL) rose even after an unexpected decline in same-store sales over its first quarter. The shoe retailer met profit estimates over its recent three-month period, though revenue fell short of analysts' expectations.