Stocks Hammered by Eurozone Worries
The Commerce Department reported Monday the U.S. new-home sales rose more than expected in May to a seasonally adjusted annual rate of 369,000 -- the best levels going back to April 2010.
This was also 7.6% above the April rate of 343,000.
Economists surveyed by Thomson Reuters had expected a rise to a seasonally adjusted annual rate of 346,000.
Wall Street though was more concerned with the eurozone summit set to take place in Brussels on Thursday and Friday with the sell-off illustrating how little confidence there is that the meeting will yield a concrete plan to address the region's mounting problems."
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts