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Stocks down as investors worry over mortgage rates

December 30, 2010|By PALLAVI GOGOI, AP Business Writer

2010-12-30 08:56:00 PST New York, , — (12-30) 08:56 PST NEW YORK, (AP) --

U.S. stocks are edging lower, brushing aside some positive economic news on lingering concerns over the housing market.

Despite Thursday's losses, stocks are ending the year substantially higher: The S&P 500 index is up 12 percent and the Dow is up 11 percent in a year marked by big corporate profits.

The Dow Jones industrial average at midday is down 23 points, or 0.2 percent, to 11,562. The S&P 500 is falling 2, or 0.2 percent, to 1,258, while the technology-focused Nasdaq composite index is down 3, or 0.1 percent, to 2,664.

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Economic reports showed improvements in Midwest business conditions, jobs and home sales. However, investors fretted over the effect of high mortgage rates on the feeble real estate market.

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