Wall St slides after home sales data

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Wednesday, 23 June 2010 21:28

-U.S. STOCKS FALL AFTER NEW HOME SALES DATA; MAJOR INDEXES NEGATIVE

-NASDAQ FALLS 1 PCT

-S&P HOME BUILDERS ETF FALLS 1.9 PCT AFTER HOME SALES DATA

U.S. stocks fell sharply on Wednesday after data showed sales of new single-family homes tumbled more than expected to a record low in May.

The Dow Jones industrial average dropped 58.34 points, or 0.57 percent, to 10,235.18. The Standard & Poor's 500 Index dropped 9.58 points, or 0.87 percent, to 1,085.73. The Nasdaq Composite Index dropped 22.82 points, or 1.01 percent, to 2,238.98.

The S&P home builders ETF and the Morgan Stanley housing index both fell about 1 percent.

The Commerce Department said new home sales dropped a record 32.7 percent to a 300,000 unit annual rate, the lowest level since record keeping started in 1963. REUTERS.(AR)