Housing Data Sees S&P 500 Drop Under 2000

U.S. stocks closed lower on Monday, with the S&P 500 suffering its biggest one-day decline since early August, as the latest housing data came in much weaker than expected, raising new concerns about the rate of growth in the economy.

Equities were also pressured after China’s finance minister indicated the country would not increase stimulus measures in response to some weak data of its own.

Existing home sales fell 1.8 percent in August, far from the growth of 1 percent that had been expected. An index of housing shares lost 2 percent as one of the weakest sectors on the day. Among specific stocks, D. R. Horton lost 2.6 percent to $21.37, while Beazer Homes was off 2.8 percent at $18.09 and Toll Brothers shed 3.1 percent to $32.41.

Reuters

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