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U.S. stocks fell, a day after the Standard & Poor’s 500 Index failed to hold at an almost four- year high, as sales of previously owned houses missed estimates and data from Europe and China spurred growth concern.
Stocks fell as purchases of previously owned homes climbed 4.3 percent to a 4.57 million annual rate, less than forecast, a report from National Association of Realtors showed today in Washington. 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.
Dow 12,930.88 -34.81 -0.27%, Nasdaq 2,933.22 -15.35 -0.52%, S&P 500 1,357.40 -4.81 -0.35%
Toll Brothers declined 5.2 percent to $22.47. The largest U.S. luxury-home builder reported an unexpected first-quarter loss. KB Home decreased 5.2 percent to $11.14.
Dell tumbled 6.4 percent to $17.05. Sluggish sales -- coupled with shrinking profit last quarter -- have raised concerns about Dell’s comeback plan, which has relied on streamlining operations to boost earnings. After an almost 25 percent gain in Dell’s shares this year, some investors may have been overly optimistic about the company’s ability to turn around its operations, said Brian Marshall, an analyst at ISI Group Inc. in San Francisco.
Financial shares dropped, following losses in European lenders. Citigroup Inc. dropped 2.7 percent to $32.46. Regions Financial Corp. erased 2.7 percent to $5.82.
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