Stock Market Lackluster at Midday

Stock prices are mostly lower at midday on Wall Street.

The Dow Jones industrial average is down 14 points at 8,505. Decliners on the New York Stock Exchange hold an 8-7 lead over gainers.

The Nasdaq Composite Index has gained less than a point at 1,532.

And the Standard-and Poor's 500 Stock Index is down one point to 870.

Trading on the New York Stock Exchange during the first two hours totaled 1.3 billion shares. Volume on the Nasdaq Market came to 441 million shares.

Reports on the housing market showed further deterioration in November. Sales of previously-owned homes fell 8.6%, while new home sales dropped 2.9%.

Also this morning, the government said that third-quarter gross domestic product declined 0.5%, matching the estimate offered a month earlier.

In company news, greeting-card company American Greetings says it swung to a third-quarter loss, amid hefty charges and a decline in sales.

Commercial financial firm CIT Group says it has won preliminary approval to get $2.3 billion as part of the government's $700 billion rescue program.

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Michael Thompson, 6pm News Producer.