Steel stock prices in the US take a tumble on heels of new existing home-sale data
Tags: flats , USA , North America , economics | similar articles »
US existing home-sales plunged approximately 27.2 percent during the month of July, according to the most recent report by the National Association of Realtors, with a 25 percent year-on-year decrease in the number of homes sold in July 2009. This is the third consecutive month that sales have fallen. Analysts have stated home sales are at their lowest level in 15 years.
The Dow Jones Industrial Average closed down 133.96 points on Tuesday, while the NASDAQ fell 1.66 percent. The S&P 500 also closed in the red, falling 1.45 percent.
Steel stocks impacted included US Steel (-4.6 percent) and AK Steel (-5.1%).
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