Stocks Close Lower; Housing Outlook Looks Positive

Hemera/Thinkstock(NEW YORK) -- Stocks sank Tuesday after reports suggested an economic slowdown in China, where growth over the past three years helped sustain a global economic recovery.
 
On Monday the Dow closed down 69 points, while the Nasdaq and the S&P lost 4 points each for the trading day.

Meanwhile the housing industry could use some good news, and it may get some later this year. Builders began work on fewer homes last month, but new data shows they also took out more permits to build homes later in the year.
 
Copyright 2012 ABC News Radio

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