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."
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