The two gloomy government reports sent U.S. stocks down yesterday. The Dow Jones industrial average lost 109.74 points, or 0.88 percent, to close at 12,422.86. The Standard & Poor’s 500-stock index, a broader measure, lost 11.86, to close at 1341.13. The tech-heavy Nasdaq composite index lost 16.69 points, to close at 2324.36.
Sales of new homes and durable goods fell in February, underlining the continued weakness of the housing market and manufacturers’ growing concerns about the economy.
The Commerce Department reported yesterday that sales of new single-family houses declined to a seasonally adjusted annual rate of 590,000 in February, compared with 601,000 in January and 840,000 in February 2007. It was the lowest sales rate since 1995.
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