U.S. stocks ended Wednesday’s choppy session lower as disappointing numbers from home sales added to cautious sentiment. Earnings results from Facebook Inc. were in focus. The Dow Jones Industrial Average fell 12.72 points, or 0.08%, at 16,501.65. The S&P 500 was down 4.16 points, or 0.22%, at 1,875.39. The Nasdaq Composite shed 34.49 points, or 0.83%, to 4,161.97.
Sales of new U.S. single-family homes tumbled to their lowest level in eight months in March, dealing a setback to the housing market recovery. The Commerce Department said on Wednesday sales dropped 14.5 percent to a seasonally adjusted annual rate of 384,000 units, declining for a second consecutive month.
Facebook Inc’s mobile advertising business continued to accelerate in the first three months of the year, helping the Internet social networking company top Wall Street’s revenue target. Facebook’s overall revenue grew 72 percent year-on-year to $2.5 billion in the first quarter, above the $2.36 billion expected by analysts polled by Thomson Reuters.
Leave a Reply
You must be logged in to post a comment.