Disappointing data from the US housing market made investors more cautious, pushing the stock market down yesterday. Analysts, who were predicting a sixth consecutive month of rising new home sales, had their hopes deflated after the numbers were released.
September’s new home sales fell unexpectedly by 3.6% to a seasonally adjusted annual rate of 402K, compared with August. Sales were 7.8% below year-ago levels. In response to the news, the Dow Jones Industrial Average dipped as low as 9758.08 during the trading day.
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