U.S. Stocks Pull Back From Record Levels in Midday Trading

U.S. stocks are pulling back from record levels in midday trading Monday. Investors are disappointed with China dampening hopes of additional stimulus and weak housing data at home. Existing home sales unexpectedly dropped 1.8% in August. The National Association of Realtors said sales of previously owned homes dropped after four months of gains and expectations for an increase last month. Traders are not in the zone with Auto Zone (AZO). The auto parts retailer earned two cents more than estimates in its fourth quarter but reported weaker-than-expected revenue. Alibaba (BABA) is trading about 4% lower after making history as the biggest IPO ever. Yahoo (YHOO) is also falling. Shares are down sharply after an analysts at Bank of America downgraded the stock in the wake of Alibaba's listing saying it's no longer the best way to get exposure to the Chinese e-commerce giant.