Bloomberg News

U.S. Stocks Extend Losses After Data on Sales of Existing Homes

February 22, 2012

Feb. 22 (Bloomberg) -- U.S. stocks extended losses after purchases of previously owned homes in January were below economists’ forecasts.

The Standard & Poor’s 500 Index slid 0.3 percent to 1,358.30 at 10:04 a.m. in New York.

Purchases of previously owned U.S. houses climbed 4.3 percent to a 4.57 million annual rate, less than forecast, from a revised 4.38 million pace in December that was slower than estimated, a report from National Association of Realtors showed today in Washington. The median forecast in a Bloomberg News survey called for a rise to 4.66 million. Prices and inventory fell.

Global stocks fell earlier as a gauge of European services and manufacturing output unexpectedly shrank in February. China’s manufacturing may shrink for a fourth month, according to data from HSBC Holdings Plc and Markit.

To contact the editor responsible for this story: Jeff Sutherland at

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