Updated at 11:40 a.m., Thursday, May 24, 2007
Stocks end down after investors focus on the negatives
Associated PressStocks dropped Thursday after a surge in new home sales appeared to lower the chance of a rate cut. Initially, the market rose after the Commerce Department said new home sales rose 16.2 percent in April. But investors, looking for a reason to lock in profits ahead of the long weekend, later focused on the negatives: rising home sales could prevent the Federal Reserve from lowering rates, and meanwhile, home prices are tumbling.
For the week:
For the year: