Stocks Edged Lower after Housing Data

U.S. stocks began Tuesday slightly lower as data showed slower growth in home prices and investors awaited reports on consumer confidence. The Dow Jones Industrial Average lately fell 43.79 points, or 0.27%, at 16,163.35. The S&P 500 was down 3.85 points, or 0.21%, at 1,843.76. The Nasdaq Composite was off 0.94 point, or 0.02%, at 4,292.03.

Home prices posted their largest annual gain last year since 2005. U.S. prices increased 11.3% in the fourth quarter compared to a year earlier, according to the S&P/Case-Shiller price index released Tuesday. An subindex that measures home prices in 20 major metro areas rose 13.4% over the same span.

JPMorgan plans 8,000 layoffs this year as its mortgage and retail banking businesses shrink. About half of those job cuts had already been announced, but it is cutting more jobs than planned as it tries to keep expenses down.

Macy’s Inc.’s fourth-quarter profit rose 11 percent, but the department store chain suffered a sales shortfall because a string of winter storms chilled business in January. It earned $811 million, or $2.16 per share, in the three months that ended Feb. 1. That compares with $730 million, or $1.83 per share, a year earlier. Revenue slipped 1.6 percent to $9.2 billion.