News : Business : Weak housing sector pulls down U.S. stocks

Weak housing sector pulls down U.S. stocks

Tuesday, 19-Sep-2006 04:19PM EDT
Story from United Press International. Copyright 2006 by United Press International (via ClariNet)

NEW YORK, Sept. 19 (UPI) -- Concerns about the U.S. housing sector sent stocks lower Tuesday on all major U.S. indexes.

The Dow Jones industrial average fell 12.56 or 0.11 percent to 11,542.44 on a volume of 1 billion shares. The Nasdaq composite was off 13.44 or 0.60 percent to 2,222.31, and the Standard & Poor's 500 slipped 2.74 or 0.21 percent to 1,318.44.

The U.S. Commerce Department reported that housing starts and building permits for August were off sharply, further evidence of a downturn in the sector.

The 10-year Treasury note gained 14/32, cutting its yield to 4.757 percent.

The dollar fell to 117.57 yen from 117.88 and the euro fell to $1.2679 from $1.2708.

Tokyo's Nikkei 225 closed at 15,874.28 on a gain of 7.35 or 0.05 percent, and London's FTSE 100 settled higher by 7.35 or 0.05 percent at 15,874.28.

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