Wall Street opened moderately lower Tuesday, as a record low plunge in housing construction in April overshadowed better-than-expected earnings from Home Depot.
The U.S. Commerce Department says construction of new homes and apartments fell 12.8 percent last month to a seasonally adjusted annual rate of 458,000 units, the lowest pace on records going back a half-century. Economists had expected home construction to post a modest increase in April.
Home Depot Inc. said Tuesday that its fiscal first-quarter profit climbed 44 percent on fewer charges, and the nation's largest home improvement retailer beat Wall Street's expectations despite lower sales.
The Dow Jones fell 15.21 to 8,490.22. Broader indexes also traded lower. The Standard & Poor's 500 index dipped 2.15 to 907.56; and the Nasdaq fell 11.02 to 1,721.34.
Source: Xinhua
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