RTRS: US STOCKS-Market cuts gains on GM loss, housing data
NEW YORK, Nov 7 (Reuters) - U.S. stocks cut gains on Friday after General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) posted a wider-than-expected quarterly loss and a report showed further deterioration in housing.
The National Association of Realtors Pending Home Sales Index, based on contracts signed in September, fell 4.6 percent, versus economists' forecast for a 3 percent drop.
The Dow Jones industrial average .DJI was up 135.96 points, or 1.56 percent, at 8,831.75, off its session high at 8,934.10. The Standard & Poor's 500 Index .SPX was up 13.70 points, or 1.51 percent, at 918.58. The Nasdaq Composite Index .IXIC was up 24.87 points, or 1.55 percent, at 1,633.57.
Earlier, all three U.S. stock indexes had risen more than 2 percent. (Reporting by Ellis Mnyandu; Editing by Jan Paschal)
