The Dow industrials along with Nasdaq fell after a drop in pending home sales for November presented challenges for the market. This was partially negated Monday’s positive news regarding advancements in the manufacturing sector.
The S&P 500 settled marginally upward, making ess than half a point gains in midday trading after sea sawing during the morning with the mixed positive and negative news about the recovery.
The National Association of Realtors announcement that pending home sales fell 16 percent led to a slip up in stocks. The decline is the first in nine-months for pending home sales and considerably steeper than was anticipated.
While positive news in manufacturing helped counteract this; however the Dow Jones industrial average still tumbled 36.05 points, or 0.34 per cent, to settle at 10,547.91. The Nasdaq Composite Index was also slightly shaken, dipping 2.84 points, or 0.12 per cent, to 2,305.58.
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