Thursday's early afternoon trade: market slips

Wall Street dipped on Thursday as housing and financial stocks declined after weaker-than-expected housing data gave investors reason to pause after a recent rally. Toll Brothers Inc lost 3.2 percent to $22.47. The PHLX housing sector index declined 1.1 percent. Banks, which stand to benefit from a recovery in housing, also fell. The KBW Bank index dropped 1.8 percent. SunTrust Banks Inc shed 5.2 percent to $20.50 after Deutsche Bank lowered its rating on the stock.
The Dow Jones industrial average gained 11.27 points, or 0.09 percent, to 12,768.23. The Standard & Poor's 500 Index dropped 4.26 points, or 0.32 percent, to 1,321.79. The Nasdaq Composite Index lost 8.45 points, or 0.30 percent, to 2,809.86. AT&T Inc posted a $6.7 billion quarterly loss on a break-up fee for its failed T-Mobile USA merger and a pension-related charge on top of costly subsidies for smartphones. The shares fell 2.2 percent to $29.54.