U.S. stocks trimmed gains after reports showed existing home sales unexpectedly decreased and a gauge of leading indicators declined more than forecast, underscoring concern the economic rebound is slowing.
The Standard & Poor’s 500 Index rose less than 0.2 percent to 1,375.35 at 10:04 a.m. in New York after earlier climbing as much as 0.4 percent.
Purchases of existing homes decreased 5.4 percent to a 4.37 million annual rate last month from a revised 4.62 million in May, figures from the National Association of Realtors showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 4.62 million pace.
The Conferences Board’s gauge of the outlook for the next three to six months decreased 0.3 percent after a revised 0.4 percent increase in May, the New York-based group said today. Economists projected the gauge would drop by 0.1 percent, according to the median estimate in a Bloomberg News survey.
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