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Article: Home sales dip hampers Dow
- Article from:
- The Pantagraph Bloomington, IL
- Article date:
- October 29, 2009
- Author:
CopyrightCopyright 2009 The Pantagraph Bloomington, IL. Provided by ProQuest LLC. (Hide copyright information)
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NEW YORK - Signs of a weaker housing market and a gloomier
outlook on the economy gave investors more reasons to dump stocks.
Major market indexes fell by the largest amount in about a month
Wednesday after the Commerce Department said new home sales dropped
for the first time in five months. Sales slid 3.6 percent in
September to 402,000. Analysts had expected an increase.
The Dow Jones industrial average lost 119 points, or 1.2 percent,
in its third straight triple-digit drop.
The Nasdaq composite index fell 2.7 percent, while the Russell
2000 index of smaller companies tumbled 3.5 percent. Many of the
stocks in both indexes are considered more risky in a tough economy
and so they suffered ...