Stocks Closed Lower after Homes Sales Data

U.S. stocks closed sharply lower on Monday, as US housing data fell short of expectations. The Dow Jones
Industrial Average dropped 107.06 points, or 0.62%, to 17,172.68. The S&P 500 shed 16.11 points, or 0.80%, to 1,994.29. The Nasdaq Composite fell 52.10 points, or 1.14%, to 4,527.69.

Fewer Americans bought homes in August, as investors retreated from real estate and first-time buyers remained scarce.The National Association of Realtors says sales of existing homes fell 1.8 percent to a seasonally adjusted annual rate of 5.05 million.

The Securities and Exchange Commission said Monday it is expected to award a $30 million award to a foreign whistleblower for providing key information leading to successful enforcement action.

Metals prices plunged Monday as investors accepted that the Chinese government isn’t going to provide fresh stimulus, at least for now, despite some recent signs of weakness in the world’s second-largest economy.

Existing home sales in the Chicago area fell more than 13 percent in August, the biggest monthly year-over-year decline since June 2011, according to data released Monday.