US stocks fall despite solid data
Published on Jun 25, 2014 6:20 AM
NEW YORK (AFP) - US stocks dropped on Tuesday despite solid economic data in a decline analysts attributed to profit taking and the ongoing Sunni insurgent attacks in Iraq.
The Dow Jones Industrial Average tumbled 119.13 points (0.70 per cent) to 16,818.13, while the broad-based S&P 500 fell 12.63 (0.64 per cent) to 1,949.98.
Both indices had notched record closing highs last week. The tech-rich Nasdaq Composite Index lost 18.32 (0.42 per cent) at 4,350.36.
US equities rose early Tuesday after reports showed new home sales in May reached their fastest pace in six years and that US consumer confidence in June jumped to its highest level since January 2008.
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