US stocks slip after weak economic reports
NEW YORK (MarketWatch) - The U.S. stock market drifted lower on Tuesday as a report on home prices showed a dip in December, with the longer trend indicating a slowdown in price recovery, while consumer confidence index dropped by more than expected.
The S&P 500 index edged 4 points, or 0.2%, lower to 1,843.93, pulling away from near record levels reached on Monday.
The Dow Jones Industrial Average fell 27 points, or 0.2%, to 16,174.04.
The Nasdaq Composite fell 10 points, or 0.3%, to 4,281.82. Follow our stock market live blog.
The pace of U.S. home-price growth slowed down at the end of 2013, but despite this the year saw the fastest calendar-year price growth in eight years, according to data released Tuesday. 'Gains are slowing from month-to-month and the strongest part of the recovery in home values may be over,' said David Blitzer, chairman of the index committee at S&P Dow Jones Indices. 'The seasonally adjusted data also exhibit some softness and loss of momentum.'
The U.S. consumer confidence index fell to 78.1 in February from a downwardly revised 79.4. in January, the Conference Board said Tuesday. Economists polled by MarketWatch had projected the index to total 80.1.
Several retailers saw their shares rise after posting estimate-beating earnings results.
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Shares of Zulily Inc. surged 40% after topping earnings expectations.
Tractor Supply Co. share rose 3% after the company said it has boosted its stock buyback program by $1 billion in a bid to increase shareholder value.
Shares of electric car maker Tesla Motors Inc. leapt 13% on Tuesday, following through on the record close set Monday.
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