Cyprus, Weak Pending Home Sales Weigh Down Wall Street

Category: Markets / Finance / Mar 27, 2013 6:29PM EDT
Wall Street closed lower on Wednesday as concerns over the Eurozone debt crisis and U.S. housing data weighed on markets. After the recent fiscal dilemma in Cyprus, investors are again worried about Europe because of an Italian debt auction, as well as an election deadlock in Italy. Data revealed that pending home sales fell in February, but contracts last month remained at the second highest level in nearly three years. The National Association of Realtors blamed the decline to a shortage of homes for sale.The realtors group added that although fewer Americans signed contracts to buy homes in February, but the level stayed close to a nearly three-year high. Other data showed that new foreclosures fell to the lowest level since the financial crisis. Housing data released Tuesday showed sales of new single-family homes fell more than expected in February, while U.S. home prices were higher for second month in a row. Revised 4th quarter GDP for 2012 is announced on Thursday, along with jobless claims and Chicago PMI. The Dow Jones industrial average .DJI dropped 33.49 points or 0.23 percent, to 14,526.16 at the close. The S&P 500 .SPX dipped 0.92 of a point, or 0.06 percent, to finish at 1,562.85. The Nasdaq Composite .IXIC rose 4.04 points or 0.12 percent, to close at 3,256.52. (Video Source: REUTERS)