Major U.S. stock indexes fell sharply Thursday with worries over the housing market put into focus with a drop in existing home sales.

Existing home sales fell by 2.6 percent in the month of June, the National Association of Realtors said. The fall reflects a sizable portion of economic activity, since home sales are often followed with purchases of furnishings, appliances and gardening equipment.

By close of trading Thursday, the Dow Jones industrial average was down 283.10 points to 11,349.28, off 2.43 percent. The Nasdaq composite index was off 45.77 points, or 1.97 percent, to 2,280.11. The Standard and Poor's 500 fell 29.65 points, or 2.31 percent, to 1,252.54.

On the New York Stock Exchange, 605 stocks advanced and 2,562 declined on a volume of 1.644 billion shares traded.

The 10-year U.S. Treasury note rose 27/32 to yield 4.012 percent.

The euro traded at $1.5679 Thursday, compared to $1.569 at close Wednesday. Against the yen, the dollar was at 107.18 from 107.86 Wednesday.

Tokyo's Nikkei 225 Index closed 2.18 percent higher at 13,603.31, up 290.38 points.

The FTSE 100 index in London fell 87.60 points to 5,362.30, down 1.61 percent.

Copyright 2008 by United Press International


Publication date: 24 July 2008   

Source: UPI-1-20080724-16313600-bc-us-markets-2ndld.xml

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