S&P, Nasdaq up as data eases economic fear, Dow dips

NEW YORK (Reuters) - Stocks mostly rose on Friday as a drop in oil prices and stronger-than-expected data on consumer sentiment and housing eased concern about the economy and the outlook for profit growth. But financial shares fell and helped drag the Dow slightly lower. Fannie Mae and Freddie Mac shares fell after Standard & Poor's said it may cut the subordinated debt and preferred stock ratings. Home builders' shares rose after the data on new homes offered a glimmer of hope for the beaten-down housing market. Big manufacturers, including United Technologies , were another standout sector after a report that showed an unexpected jump in orders for long-lasting durable goods. "We have oil down, the better-than-expected economic indicators and yet we are not up very much," said Al Kugel, chief investment strategist at... [read full story]