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Money Minute: Markets Down on Weak News

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BusinessMoney Minute: Markets Down on Weak NewsMoney Minute: Markets Down on Weak NewsThe Associated PressStocks skidded lower Thursday after a steeper-than-expected decline in existing home sales wiped away some of the market's optimism about upbeat earnings reports. (July 24)AP Money MinuteSales of existing homes dropped by 2.6 percent in June, a sharper drop than expected. The seasonally adjusted annual rate of 4.86 million units was more than double the decline that had been expected. The reoprt shows sales are 15.5 percent below where they were a year ago.The downward slide depressed prices, too. The median price for a home dropped to $215,100, down by 6.1 percent from a year ago.--------------------------------Housing pressures, weak sales from Ford and and an additional 36,000 new claims for unemployment benefits sent stocks skidding Thursday. The Dow Jones Industrial average fell 283 points to close at 11,349. The Nasdaq Composite index fell 46 to 2,280 and the Standard&Poor's 500 index closed down 29 at 1253.-----------------------------And what's a seven-letter word for litigation? lawsuit Hasbro has sued the creators of the electronic game "Scrabulous", saying it infringes on the property rights of their game "Scrabble". Hasbro also notified the operators of the Web site Facebook and asked them to quit hosting the Scrabulous game as soon as possible. Hasbro has its own electronic version of Scrabble available for Facebook users. I'm Mark Hamrick with AP Money Minute ___ ___, The Associated Press.(****END****)