Stocks slip on earnings, housing data

NEW YORK (Reuters) - Stocks declined on Tuesday as quarterly corporate results again disappointed on revenues, but indexes eased from session lows.

Goldman Sachs Group Inc edged up 0.2 percent to $146, erasing early losses, despite posting lower second-quarter earnings and revenue.

Housing starts fell more than expected in June, the government said, but applications for building permits topped forecasts.

"It's not surprising that housing starts declined, given the significant inventory of unsold homes, and until that inventory of unsold homes comes down, we're not likely to see improvement in starts," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York.

"The encouraging number is the permits, which showed up a slight increase."

The Dow Jones home construction index <.DJUSHB> added 1.8 percent.

The Dow Jones industrial average <.DJI> was down 72.65 points, or 0.72 percent, at 10,081.78. The Standard & Poor's 500 Index <.SPX> dipped 5.21 points, or 0.49 percent, at 1,066.04. The Nasdaq Composite Index <.IXIC> fell 18.92 points, or 0.86 percent, at 2,179.31.

International Business Machines Corp fell 4 percent to $124.86 a day after reporting revenues rose but still missed estimates as new technology services contracts declined.

All three indexes were down more than 1 percent shortly after the opening.

Apple shares also rose 0.3 percent to $246.25 ahead of earnings after the bell.

(Editing by Jeffrey Benkoe)

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