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Stocks end down after investors focus on the negatives | The Honolulu Advertiser | Hawaii's Newspaper

Updated at 11:40 a.m., Thursday, May 24, 2007

Stocks end down after investors focus on the negatives

Associated Press

Stocks 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.

  • The Dow fell 84.52, or 0.62 percent, to 13,441.13.

  • The Standard & Poor's 500 index dipped 14.77, or 0.97 percent, to 1,507.51.

  • The Nasdaq composite index dropped 39.13, or 1.52 percent, to 2,537.92.

    For the week:

  • The Dow is down 115.40, or 0.85 percent.

  • The S&P is down 15.24, or 1.00 percent.

  • The Nasdaq is down 20.53, or 0.80 percent.

    For the year:

  • The Dow is up 977.98, or 7.85 percent.

  • The S&P is up 89.21, or 6.29 percent.

  • The Nasdaq is up 122.63, or 5.08 percent.
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