U.S. Stocks Edge Lower As Eurozone Concerns Weigh On Markets

Category: Economy / Mar 27, 2013 11:01AM EDT
U.S. stocks edged lower on Wednesday after concerns about the Eurozone weighed on markets, as demand at an Italian debt auction sparked concerns over the Eurozone crisis. Data revealed that pending home sales fell in February, but contracts last month remained at the second highest level in nearly three years, a report showed. The National Association of Realtors said its Pending Home Sales Index slipped 0.4 percent to 104.8. Other data showed the number of new foreclosures initiated in the fourth quarter of 2012 fell to the lowest level since the financial crisis. The Office of the Comptroller of the Currency said large banks initiated 156,773 new foreclosures during the quarter, the lowest since the first quarter of 2008. The Dow Jones industrial average dropped 70.66 points, or 0.49 percent, to 14,488.99. The Standard & Poor's 500 Index lost 8.78 points, or 0.56 percent, to 1,554.99. The Nasdaq Composite Index fell 23.01 points, or 0.71 percent, to 3,229.47. (Video Source: REUTERS)