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Stocks Drop Tuesday After Mixed News On The Economy
Key indexes were down at the close Tuesday after a day of mixed news on the economy.
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NEW YORK (October 20, 2009)--A disappointing report on housing starts made investors nervous about the economy and pushed stocks lower Tuesday even as profits at many companies exceeded expectations.
Stocks fell from 2009 highs after the Commerce Department said Tuesday that home building rose less than expected in September, a discouraging signal for construction activity.
The report overshadowed strong earnings reports from Apple Inc., Caterpillar Inc. and insurer UnitedHealth Group Inc.
The Dow was down 51 at 10,041.
The Standard & Poor's 500 index was down 7 at 1,091.
The Nasdaq composite index was down 13 at 2,163.
Two stocks fell for every one that rose on the New York Stock Exchange.
Volume came to 1.1 billion, in line with Monday.
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