Summary Box: Stock market slips after sales of new homes plunge, Fed sound cautious note
By APWednesday, June 23, 2010
Summary Box: Stocks fall on weak sales, Fed view
MODEST SLIDE: The Dow Jones industrials rose 5 points Wednesday, but broader indexes slid and more stocks fell than rose on the New York Stock Exchange.
HOUSING SLUMP: The government said sales of new homes fell by a third to a record low in May after eligibility for homebuyer tax credits expired the month before.
CAUTIOUS FED: The Federal Reserve sounded a more cautious note about the pace of the economy’s recovery in part because of a possible slowdown in Europe. The central bank said it will continue to keep interest rates low to drive a rebound.
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