Stocks fell to their lowest level in seven weeks on Tuesday as an unexpectedly large drop in home sales ratcheted up concerns that the economic recovery is even weaker than had been feared.
The Dow and S&P 500 racked up their fourth day of losses in a row after an industry group reported that sales of U.S. existing homes in July fell to their slowest pace in 15 years.
"What's really driving us is the sense that the economic outlook is unraveling a bit," said Bernie McSherry, senior vice president at Cuttone & Co in New York.
With housing a linchpin of the U.S. consumer economy, the latest data cast doubt on the pace of recovery and added fuel to investors' recent search for safety.
Prices of U.S. Treasuries soared, sending two-year yields to another record low. On the S&P 500, defensive plays telecoms and utilities were the only sectors to gain for the day..Source http://finance.yahoo.com/news/Stocks-hit-lowest-level-in-rb-1102022975.html?x=0&.v=17
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| Index Value: | 10,040.45 |
| Trade Time: | 4:03PM EDT |
| Change: |  133.96 (1.32%) |
| Prev Close: | 10,174.41 |
| Open: | 10,173.05 |
| Day's Range: | 9,991.18 - 10,173.05 |
| 52wk Range: | 9,223.08 - 11,309.00 |
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