Tuesday, May 6, 2014
NEW YORK (AP) — Stocks are closing lower following weaker earnings from U.S. companies.
Home builders fell after data provider CoreLogic reported that housing prices rose in March at a slower pace than a month earlier, the latest sign of weakness in the housing market.
Twitter plunged 18 percent after insiders were allowed to sell stock for first time since the company's initial public offering in November. Other Internet stocks also fell.
The Dow Jones industrial average lost 129 points, or 0.8 percent, to close at 16,401 Tuesday.
The Standard & Poor's 500 index fell 16 points, or 0.9 percent, to 1,867. Bank stocks fell the most.
The Nasdaq composite fell 57 points, or 1.4 percent, to 4,080.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.59 percent.