Stocks Retreat from Monday’s Gains
(NEW YORK) — The latest housing report didn’t do much Tuesday to help the markets.
The Dow closed down 1.6 points to 12,502.8, the Nasdaq lost 8 to 2,839, and the S&P dropped a fraction of a point to 1,316.6.
Facebook is still waiting on investors to “like” shares of the social networking company. The price of Facebook shares is still sliding below Friday’s IPO price. The price was about $31 at Tuesday’s closing bell.
Rising rents and falling home prices may have, at one time, enticed more people to buy homes. But the increase in home sales may be pushing prices higher. The National Association of Realtors says existing home prices rose more than three percent last month. Median home prices were up 10 percent. Those numbers are still well below what we’d see in a healthy market.
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