Page 25 - atoday

BUSINESS Thursday 29 december 2016
A25

In this Oct. 2, 2014, file photo, the statue of George Washington
on the steps of Federal Hall faces the facade of the New York
Stock Exchange.
Associated Press
U.S. stock indexes

fall as an afternoon

slide accelerates

ALEX VEIGA A report from the Nation-
AP Business Writer al Association of Realtors
Banks led a broad slide in found that fewer Ameri-
U.S. stocks Wednesday that cans signed contracts to
more than wiped out gains buy homes in November.
from the day before. The NAR said its seasonally
After an early upward turn, adjusted pending home
the stock market veered sales index fell 2.5 percent
into the red by midmorn- to 107.3 percent, the low-
ing, the losses accelerating est reading since the start
as the day wore on. Basic of this year.
materials companies, in- The slowdown marks a re-
dustrials, utilities and ener- versal for the housing mar-
gy stocks were among the ket, as sales growth has
biggest decliners. been solid for the past
Trading was light ahead of year. Homebuilder stocks
the New Year’s Day holi- closed mostly lower, with
day. Two stocks fell for ev- William Lyon Homes losing
ery one that rose on the the most. It fell 64 cents, or
New York Stock Exchange. 3.2 percent, to $19.33.
The Dow Jones industrial In Europe, Germany’s
average fell 111.36 points, DAX and France’s CAC
or 0.6 percent, to 19,833.68. 40 each ended essentially
The Standard & Poor’s 500 flat. Britain’s FTSE 100 post-
index lost 18.96 points, or ed a record-high close of
0.8 percent, to 2,249.92. 7,106.08, a gain of 0.5 per-
The Nasdaq composite, cent. In Asia, Japan’s Nik-
which set a record high kei 225 was flat. Australia’s
close the day before, slid S&P ASX 200 gained 1 per-
48.89 points, or 0.9 percent, cent. Hong Kong’s Hang
to 5,438.56. Seng index gained 0.8 per-
The three major indexes cent. South Korea’s Kospi
are on pace for a solid gain dropped 0.9 percent.
this year. The Dow is up 13.8 Benchmark U.S. crude rose
percent. The S&P 500 is on 16 cents to close at $54.06
track for a 10 percent gain, a barrel in New York. It rose
while the Nasdaq is head- 88 cents on Tuesday. Brent
ed for an 8.6 percent gain. crude, used to price inter-
Small-company stocks are national oils, climbed 13
up even more. The Russell cents to close at $56.22 a
2000 is up 19.8 percent so barrel in London. It gained
far this year. 93 cents the day before.
In a week featuring a In other energy trading,
dearth of major economic wholesale gasoline added
or company data, investors 2 cents to $1.67 a gallon
got some insight into the and heating oil held steady
U.S. housing market. at $1.70 a gallon.