Pursuits
U.S. Stocks Drop as Commodities Slump Overshadows Housing Data
The S&P 500 Index rose 0.5 percent on Monday as data showing strong confidence among U.S. homebuilders helped reverse earlier losses spurred by weak manufacturing in the New York region.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
U.S. stocks fell as concern over slowing growth in China and other developing nations amid a deepening commodities selloff overshadowed improvements in America’s housing market.
Freeport McMoRan Inc. dropped 3.1 percent as copper prices tumbled. Wal-Mart Stores Inc. fell 3.4 percent after cutting its annual earnings forecast, while Home Depot Inc. added 2.6 percent after boosting its outlook. Homebuilders extended yesterday’s rally, with Lennar Corp. and Toll Brothers Inc. pacing gains.