Midday Report: New Home Sales Highest Since 2008; U.S. Stocks Mixed

U.S. stocks retreated into the red as a number of positive and negative earnings reports kept trading choppy. Disappointing results from McDonald's  (MCD) - Get Report weighed heavily on the Dow Jones Industrial Average. New home sales increased 3.5 percent in June to its highest level since February 2008. Over the second quarter, sales of new homes rose 10 percent. Growing prices and constrained inventory have driven the housing sector's growth in recent months. Eli Lilly (LLY) - Get Report moved higher as sales of newly-released drugs including its diabetes and cancer drugs helped to fuel volume growth. Revenue rose nearly nine percent and came in above estimates. BP (BP) - Get Report fell after second-quarter underlying replacement cost profit  came in well below analysts' predictions. An improvement in oil prices failed to compensate for weaker earnings from its refining business.