Die Zinserhöhungen der amerikanischen Notenbak zeigen allmählich Wirkung im überhitzten Immobilienmarkt.
Vordergründig Gewohnt unlogisch und launisch reagiert darauf die Börse, nämlich mit Verlusten. Eigentlich sollte doch ein langsames Abkühlen begrüßenswert sein, da
vielfach die Angst vor einem Platzen der Immoblase beschworen wurde. Aber offenbar hatten einige heimlich doch wieder mit einer ungebremsten Fortsetzung des völlig
kreditaufgeblähten Immobooms (und dadurch Konsumbooms) in den USA gerechnet... mache sich einen Reim darauf wer mag.
http://biz.yahoo.com/ap/050823/wall_street.html?.v=20
AP
Stocks Fall As Existing Home Sales Slide
Tuesday August 23, 3:20 pm ET
By Ellen Simon, AP Business Writer
Stocks Fall As Existing Home Sales Slip and Volatile Oil Prices Exacerbate Market`s Summer Malaise
NEW YORK (AP) -- Wall Street was mostly lower Tuesday as existing home sales slid and volatile oil prices exacerbated the market`s summer malaise.
The market`s opening selloff continued after the National Association of Realtors said sales of previously owned homes dropped 2.6 percent in July as mortgage rates crept up. Even with the decline, sales were the third-highest level on record.
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The latest snapshot of housing activity suggested that the sizzling housing market may be cooling slightly. Wall Street has been closely watching home sales, worried that the housing boom is nearing its end. Jobs in construction and at home improvement retailers would be affected by a contraction. Consumer spending could also take a hit if home prices decline, since a raft of home equity loans have put cash in consumers` pockets.
Still, in late August trading, it doesn`t take much to bring stocks down. No major economic reports are due this week, most companies` second-quarter earnings are out and many investors are on vacation, said Michael Sheldon, chief market strategist at Spencer Clarke LLC.
"We`re not seeing a lot of conviction, either by buyers or sellers, so far this week," Sheldon said. Of the 10 sectors in the Standard & Poor`s 500, only one, the materials sector, moved a shade more than 1 percent.
In late afternoon trading, the Dow Jones industrial average fell 33.51, or 0.32 percent, to 10,536.38.
Broader stock indicators were narrowly mixed. The Standard & Poor`s 500 index fell 1.45, or 0.12 percent, to 1,220.28, and the Nasdaq composite index rose 0.44, or 0.02 percent, to 2,141.85.
Bonds rose as stocks fell, with the yield on the 10-year Treasury note at 4.19 percent, down from 4.22 percent late Monday. The U.S. dollar was down against other major currencies. Gold prices were higher.
Traders also worried as oil prices first rose, then fell. The volatility did not please equity investors, who are concerned that higher gasoline prices are curbing consumer spending. On Saturday, Wal-Mart Stores Inc., the world`s largest retailers, said its third-quarter results would miss analysts` expectations due to rising oil prices. A barrel of light crude was quoted at $65.75, up 10 cents, on the New York Mercantile Exchange.
"We started the year at $42 a barrel oil-- that was a concern, but we could get past it," said David Sowerby, chief market analyst, Loomis, Sayles & Co. "When we crossed $60, I don`t think anyone could question what $60 is going to do to retail sales."
Merck & Co. continued to fall, dropping 27 cents to $27.62 after Friday`s $253.4 million verdict against the company in the first of 4,200 suits claiming Merck knew of problems with its Vioxx painkiller long before it pulled the drug from the market in September.
Discount retail chain Target Corp. rose 21 cents to $56.35 after it said August sales in stores open at least one year -- a key performance gauge known as same-store sales -- would hit the high end of a projected range of 4 percent to 6 percent. In the year-ago period, Target`s same-store sales rose 1.8 percent.
Williams-Sonoma Inc. fell 18 cents to $40.55 after the retailer, which also owns the Pottery Barn and West Elm brands, said its earnings rose about 12 percent in the second quarter, and the company reiterated guidance for the full year. The company said it will increase catalog circulation in its emerging brands such as West Elm, and will be operating additional retail stores.
La-Z-Boy Inc. fell 46 cents to $13.53 after first-quarter sales fell from the year ago period and it slashed its quarterly guidance. Chief Executive Kurt Darrow said "fierce competition" for consumer spending, including employee pricing deals from carmakers, contributed to weak demand.
A joint venture between General Electric Co. and Rolls-Royce has won a $2.47 billion contract to develop an engine for the military`s next-generation stealth jet fighter. The contract is the largest military developmental contract in about 20 years for Fairfield, Conn.-based GE`s jet-engine division, GE Aircraft Engines. Nonetheless, GE`s stock rose 6 cents to $34.03.
Declining issues led advancers by more than 8 to 7 on the New York Stock Exchange, where volume was 1.29 billion shares, down from 1.27 billion at the same time Monday.
The Russell 2000 index of smaller companies fell 0.06, or 0.01 percent, to 657.41.
Overseas, Japan`s Nikkei stock average rose 0.16 percent. In afternoon trading, Britain`s FTSE 100 was down 0.34 percent, Germany`s DAX index was down 0.48 percent, and France`s CAC-40 was down 1.10 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com