The Dow Jones industrial average (INDU) dipped 22 points, or 0.2%, the S&P 500 (SPX) lost 8 points, or 0.6%, and the Nasdaq (COMP) fell 13 points, or 0.5%.
The three major indexes started higher but gave up gains throughout the day. Disappointing data on the housing market forced investors to turn cautious, said Sameer Samana, an analyst at Wells Fargo Advisors.
New-home sales tumbled to a record low in 2011, according to government data released Thursday. Just 302,000 new homes were sold in 2011, 6.2% below 2010 and the lowest number of annual sales since the government started tracking home sales in 1963, the report showed.
"The fledgling recovery in housing market activity has yet to encompass the new homes market," noted Paul Diggle, property economist at Capital Economics. "The bottom line is that new-home sales are unlikely to rise significantly from their current ultra-low level while they are having to compete with deeply discounted foreclosures and short sales."
"Earnings continue to drive trading this week," said Michael Sheldon, chief investment strategist at RDM Financial Group. "Overall, results haven't been as strong as recent quarters, but they're holding up pretty well."
Investors are also still waiting for news out of Athens, where Greek officials are negotiating with private-sector creditors to reduce the country's debt burden.
"As long as the talks continue, a resolution is still a good possibility," Sheldon noted.
A stall or end to the talk, however, would be a major concern. Greece is in desperate need of an agreement to receive additional bailout funds from the European Union and International Monetary Fund. Without these funds, the country may not be able to make a €14 billion debt payment that's due March 20.
Oil for March delivery added 30 cents to settle at $99.70 a barrel.
Gold futures for February delivery gained $26.60 to settle at $1,726.70 an ounce.
No comments:
Post a Comment