Stocks mixed after China cools housing market

NEW YORK (AP) — Stocks are mixed on Wall Street following a downturn in China after that country announced new steps to cool down its booming housing market.

The Dow Jones industrial average lost 10 points to 14,071 at midday Monday.

The Standard & Poor's 500 index rose less than a point to 1,518. The Nasdaq rose a fraction to 3,170.

Markets fell in China after Beijing raised taxes on housing profits.

U.S. economic growth may be crimped this year by automatic government spending cuts of $85 billion, which took effect Friday after President Barack Obama and Congress failed to reach a budget deal.

Hess rose 4 percent after the company said it would get out of the retail business as well as energy trading and marketing.