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US stocks decline in early trading as Wall Street awaits reading on home sales

US stocks decline in early trading as Wall Street awaits reading on home sales

Stocks declined Monday, the last day of a volatile and difficult year on Wall Street, as investors awaited a report on home sales.
The National Association of Realtors' is scheduled to release data on November existing home sales, and Wall Street expects a decline from October's already low levels.
Investors found some reason to hope that Wall Street would in 2008 be able to put to rest some of its financial troubles. The U.K.'s Observer newspaper reported that Merrill Lynch & Co. was in talks over the weekend to line up capital from investors in China and the Middle East in exchange for portions of the Wall Street firm.
Merrill, like many other financial houses, has been troubled by misplaced bets on mortgages and is now holding assets it finds difficult to unload in a nervous credit market.
The Dow Jones industrial average fell 47.76, or 0.32 percent, to 13,323.11.
Broader stock indicators also dipped. Standard & Poor's 500 index futures fell 6.08, or 0.41 percent, to 1,472.41, and the Nasdaq composite index fell 11.77, or 0.44 percent, to 2,662.69.
Government bonds rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, sank to 4.04 percent from 4.12 percent late Friday. The bond market is scheduled to close early Monday ahead of the New Year's Day holiday.
The dollar was mixed against other major currencies, while gold prices fell.
Crude oil prices rose 63 cents to $96.63 a barrel on the New York Mercantile Exchange.
The Russell 2000 index of smaller companies fell 2.58, or 0.33 percent, to 769.18.


Updated : 2021-02-25 04:39 GMT+08:00