Tue, August 24, 2010
Business > Markets

US stocks drop after sharp fall in July home sales

2010-08-24 14:29:55 GMT2010-08-24 22:29:55 (Beijing Time)  SINA.com

NEW YORK – Stocks are extending their slide after another disappointing report on the housing market.

The National Association of Realtors says sales of previously occupied homes fell 27.2 percent in July to an annual rate of 3.83 million. That's far worse than the 4.7 million estimated by analysts polled by Thomson Reuters.

Investors are flocking to the safety of Treasurys, sending interest rates sharply lower.

The Dow Jones industrial average briefly dipped below 10,000 after the report.

The Dow is down 153, or 1.5 percent, at 10,021 in late morning trading. The Standard & Poor's 500 index is down 18, or 1.7 percent, at 1,049, while Nasdaq composite index is down 40, or 1.9 percent, at 2,119.

(Agencies)

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