U.S. Stocks Fall Amid Concerns Over Housing Market Recovery

U.S. stocks plummeted, with the S&P 500 Index declining for a third consecutive day, as new-home sales reached an all-time low. The market's weakness was exacerbated by concerns about the durability of the economic recovery ahead of the Federal Reserve's announcement on interest rates. Leading decliners in the Dow Jones Industrial Average included Caterpillar Inc., Microsoft Corp., and DuPont Co., all of which fell over 1.8%. Adobe Systems Inc. led losses in the S&P 500, dropping 5.3% after forecasting revenue that may miss analyst estimates.

Key Takeaways:

• The S&P 500 Index fell 0.4% to 1,090.84 as of 10:55 a.m. in New York, extending this week's slump to 2.7%.
• The Dow retreated 9.59 points, or 0.1 percent, to 10,283.93.
• Three stocks fell for every two that rose on U.S. exchanges.
• New-home sales sank to a record low, spurring concern about the housing market's recovery.
• Investors are concerned about a potential double dip in the housing market.
• The Federal Reserve is set to announce its interest rate decision today, but experts predict it will be a non-event.

Statistics:

• The S&P 500 Index declined 0.4% to 1,090.84 as of 10:55 a.m. in New York.
• The Dow retreated 9.59 points, or 0.1 percent, to 10,283.93.
• 3 stocks fell for every 2 that rose on U.S. exchanges.
• New-home sales reached an all-time low.
• The Federal Reserve is holding the benchmark rate at the record-low range of zero to 0.25 percent.