US stocks closed lower Monday amid data indicating the count of unsold homes hit a 16-year high in July and word Dow component Home Depot cut the price of its wholesale-supply unit, signaling a harsher financing climate.
Sales of existing homes slowed to their most sluggish pace in nearly five years, while home prices fell for a record 12th straight month. The National Association of Realtors reported that existing home sales slipped by 0.2 percent in July to a seasonally adjusted annual rate of 5.75 million units. Inventories rose 5.1% to a record 4.59 million units.
The stock market's pullback perhaps wasn't unexpected given last week's rally and that Wall Street is still trying to sort out concerns about failing mortgages and tighter access to credit for both individuals and corporations.
The Dow fell 56.74, or 0.42%, to 13,322.13. Broader stock indicators also declined. The Standard & Poor's 500 index fell 12.58, or 0.85%, to 1,466.79, and the Nasdaq composite index fell 15.44, or 0.60%, to 2,561.25. Bond prices rose, with the yield on the benchmark 10-year Treasury note falling to 4.57 percent from 4.62 percent late Friday. Bond prices move opposite their yields.
Volume at the New York Stock Exchange totaled more than 1.1 billion shares, with declining stocks topping advancers 3 to 1. At the Nasdaq, volume came to nearly 1.4 billion shares, and decliners beat advancing stocks 9 to 5.
Indian ADRs end mixed
Indian ADRs ended on a mixed note yesterday. Among the major gainers were ICICI Bank, which was up 3.5%. Patni Computers and Wipro were up more than 2%. In the technology pack, Infosys Technolgoies was down 0.74% at 46.67, Patni Computers was up 2.17% at 22.61, Satyam COmputers was up 0.45% at 24.56, while Wipro ended the day 2.26% up at 14.01.
In the non-technology pack, HDFC Bank was down 0.3% at 84.05, VSNL was down 1.06% at 18.65, ICICI Bank was up 3.56% at 43.98, MTNL was down 0.3% at 6.67, Tata Motors was down 0.85% at 16.31, Dr Reddy's Lab was up 0.58% at 15.63 and Sterlite was up 0.8% at 15.12.
Sales of existing homes slowed to their most sluggish pace in nearly five years, while home prices fell for a record 12th straight month. The National Association of Realtors reported that existing home sales slipped by 0.2 percent in July to a seasonally adjusted annual rate of 5.75 million units. Inventories rose 5.1% to a record 4.59 million units.
The stock market's pullback perhaps wasn't unexpected given last week's rally and that Wall Street is still trying to sort out concerns about failing mortgages and tighter access to credit for both individuals and corporations.
The Dow fell 56.74, or 0.42%, to 13,322.13. Broader stock indicators also declined. The Standard & Poor's 500 index fell 12.58, or 0.85%, to 1,466.79, and the Nasdaq composite index fell 15.44, or 0.60%, to 2,561.25. Bond prices rose, with the yield on the benchmark 10-year Treasury note falling to 4.57 percent from 4.62 percent late Friday. Bond prices move opposite their yields.
Volume at the New York Stock Exchange totaled more than 1.1 billion shares, with declining stocks topping advancers 3 to 1. At the Nasdaq, volume came to nearly 1.4 billion shares, and decliners beat advancing stocks 9 to 5.
Indian ADRs end mixed
Indian ADRs ended on a mixed note yesterday. Among the major gainers were ICICI Bank, which was up 3.5%. Patni Computers and Wipro were up more than 2%. In the technology pack, Infosys Technolgoies was down 0.74% at 46.67, Patni Computers was up 2.17% at 22.61, Satyam COmputers was up 0.45% at 24.56, while Wipro ended the day 2.26% up at 14.01.
In the non-technology pack, HDFC Bank was down 0.3% at 84.05, VSNL was down 1.06% at 18.65, ICICI Bank was up 3.56% at 43.98, MTNL was down 0.3% at 6.67, Tata Motors was down 0.85% at 16.31, Dr Reddy's Lab was up 0.58% at 15.63 and Sterlite was up 0.8% at 15.12.
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