Midday Report: US Foods Rises in Debut; Crude Oil Rally Fades

U.S. stocks turned lower as a fading crude oil rally prompted the bears to sell, while better-than-expected economic data sided with the bulls.
Author:
Publish date:

U.S. stocks turned lower as a fading crude oil rally prompted the bears to sell, while better-than-expected economic data sided with the bulls. Crude briefly topped $50 a barrel earlier for the first time since November. Pending home sales in the U.S. surged to a 10-year high in April, the latest sign of a robust housing sector. The number of home contract signings rose just over five percent, its third straight month of growth. US Foods (USFD) - Get Report  shares jumped in there trading debut, topping their IPO price of $23 a share. The food services company sold more than 44 million shares in the second-largest IPO of the year. Costco (COST) - Get Report rose after a mixed third quarter in which a stronger U.S. dollar and lower gas prices ate into sales. The second-largest retailer in the U.S. by sales said comparable store sales rose three percent when excluding currency exchange and fuel prices. TheStreet's Keris Lahiff has details from Wall Street.