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Reply #4: Drop in home sales, tumbling oil weigh on stocks [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-25-09 04:53 AM
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4. Drop in home sales, tumbling oil weigh on stocks
NEW YORK Investors pulled away from stocks after an unexpected drop in home sales and a slide in oil prices fanned worries about the pace of the economy's recovery.

Stocks fell for a second day Thursday after the National Association of Realtors said sales of existing homes dropped 2.7 percent in August after jumping 7.2 percent in July. Economists had expected sales would post their fifth straight monthly increase.

The market climbed in morning trading following a surprise drop in the number of people seeking unemployment benefits. The housing numbers upended that advance, however, and stocks never recovered. The Dow Jones industrial average ended with a loss of 41 points to bring its two-day drop to 122 points.


Thursday's retreat came a day after investors looked past a more upbeat assessment of the economy from the Federal Reserve and worried about what will happen once the government starts to wind down its economic stimulus efforts.
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