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Midday Report: U.S. Stocks Slide; Target Climbs on E-Commerce Success

U.S. stocks came off the worst of the day's losses as crude recovered to a level above $31 a barrel.

U.S. stocks came off the worst of the day's losses as crude recovered to a level above $31 a barrel. The crude selloff lessened after a weekly read on inventories showed a smaller-than-feared increase in the past week. The housing sector cooled in January with new home sales tumbling nearly 10% to their lowest level since October. Demand for housing remained strong, though, with existing home sales data released a day earlier peaking at a six-month high. Target (TGT) shares climbed after showcasing strong online sales growth in its recent quarter. The retailer reported a nearly 2% increase in comparable-store sales in its fourth quarter, more than half of which were attributed to e-commerce. Chesapeake Energy (CHK) jumped after announcing even more cuts to capital expenditure spending in the face of weaker oil prices. TheStreet's Keris Lahiff has details from Wall Street.

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