By Mia Lamar
International companies trading in New York closed higher Tuesday as investors drew encouragement from a better-than-expected report on the hard-hit U.S. housing market.
The Bank of New York index of American depositary receipts rose 0.5% to 114.62. Solar stocks struggled, however, after LDK Solar Co. (LDK) posted a wider loss in its fiscal first-quarter and laid out a disappointing view for the quarter ahead.
Shares of the solar-product maker slumped 5.9% Tuesday to end at $1.90. Shares of Trina Solar Ltd. (TSL) dropped 8% to $6.23, while shares of Yingli Green Energy Holding Co. (YGE) shed 1.4% to $2.78.
The European index rose 0.5% to 106.40. Spanish banks lagged after Moody's Investors Service downgraded 28 of the country's banks late Monday, adding further worries to the troubled sector.
Among individual stocks, Banco Bilbao Vizcaya Argentaria (BBVA, BBVA.MC) fell 0.5% to $6.25, while Banco Santander (SAN, SAN.MC) ended 0.8% lower at $5.93.
The Asian index rose 0.4% to 113.56. Shares of Macau-focused casino operator Melco Crown Entertainment Ltd. (MPEL, 6883.HK) slumped on rising concerns that growth in the Chinese city's red-hot gambling industry has peaked.
U.S.-listed shares closed 3% lower in New York at $11.
The Latin American index rose 0.7% to 302.29 while the emerging markets index added 0.7% to 259.28.
Gol Linhas Aereas Inteligentes (GOL, GOLL4.BR), Brazil's second-biggest airline, said Tuesday that it would cut 2,500 jobs this year, more than double the layoffs it had previously forecast, as it moves to improve profitability.
Shares closed 4.4% lower at $4.56 in New York.
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