NEW YORK (CNNMoney) -- U.S. stocks opened modestly higher Wednesday, as investors pushed aside worries of a cooling Chinese economy and await more U.S. housing market data.
The Dow Jones industrial average (INDU) was up 7 points, or less than 0.1%, shortly after the opening bell. The S&P 500 (SPX) added 1 point, or 0.1%. The Nasdaq (COMP) edged up 5 points, or 0.2%.
The housing market was in focus Wednesday, with a report on existing home sales and a measure of weekly mortgage applications on tap.
Stocks have been supported this year by rising hopes for the U.S. economy and easing concerns about the debt crisis in Europe. But the housing market's distress still weighs heavily on investors, as they continue to look for signs of recovery.
Data released by the government on Tuesday showed a big increase in requests for building permits in February, although new home construction was weaker than expected.
U.S. stocks closed lower Tuesday, as concerns about slowing growth in China overshadowed the upbeat housing data.
Economy: Existing home sales for February are expected to come in at an annual rate of 4.6 million, according to a survey of analysts by Briefing.com -- up from a rate of 4.57 million in January.
Gas prices rose by 1.8 cents to a national average of $3.86, according to motorist group AAA. Wednesday marks the twelfth consecutive day prices have risen. Gas prices are up 17.8% this year.
World markets: European stocks were mixed in morning trading. Britain's FTSE 100 (UKX) and the DAX (DAX) in Germany were both hovering near break-even, while France's CAC 40 (CAC40) eased 0.2%.
Asian markets ended mixed. The Shanghai Composite (SHCOMP) ticked up 0.1% while the Hang Seng (HSI) in Hong Kong shed 0.2%. Japan's Nikkei (N225) lost 0.6%.
Companies: General Mills (GIS, Fortune 500) reported sales of $4.1 billion, and earnings per share of 55 cents on Wednesday morning.
The food producer cited its international acquisition of Yoplait as a source of growth, but noted that its margins were squeezed by higher input prices. Shares were off slightly in premarket trading.
Buyout season heating up
Shares of Hartford Financial Services Group (HIG, Fortune 500) were up almost 6% in early trading after the company said it was exiting the annuity business and was considering "strategic alternatives" for part of its life insurance business.
Strategic alternatives usually include a sale -- something advocated by hedge-fund manager John Paulson, who owns a sizable stake in the company.
Hewlett-Packard (HP) announced plans to combine its printer and personal computer divisions. As part of the reshuffle, Vyomesh "VJ" Joshi, who heads HP's imaging and printing group, was stepping down.
After Tuesday's close, Oracle (ORCL, Fortune 500) reported better-than-expected earnings, lifting the tech company's shares about 2% in early trading.
Bernanke rails against gold standard
Currencies and commodities: The dollar lost ground against the euro, but gained ground against the British pound and the Japanese yen.
Oil for May delivery rose 11 cents to $106.18 a barrel.
Gold futures for April delivery rose $3.40 to $1,650.40 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing yields down to 2.34% from 2.37% late Tuesday.
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