U.S. stocks trade lower on weak economic data

U.S. stocks trade lower on weak economic data

NEW YORK, Oct. 17 (Xinhua) -- Wall Street traded lower Friday as the housing and confidence data slump.

The U.S. Commerce Department reported Friday that construction of new homes and apartments dropped by 6.3 percent in September, bigger than the 1.6 percent decrease that economists had expected. The total production declined to a seasonally adjusted annual rate of 817,000 units, which is the slowest pace since January 1991.


Traders work on the floor of the New York Stock Exchange, October 17, 2008. (Xinhua/Reuters Photo)


A report from the University of Michigan showed consumer sentiment fell to 57.5 in October from 70.3 in September.

The Dow Jones industrial average fell 127.04, or 1.41 percent, to 8,852.22. The Standard & Poor's 500 index fell 5.88, or 0.62 percent, to 940.55, while the Nasdaq composite index fell 6.42, or 0.37 percent, to 1,711.29.


Traders work in the crude oil futures pit of the New York Mercantile Exchange Oct. 17, 2008. (Xinhua/Reuters Photo)


A trader works on the floor of the New York Stock Exchange, October 17, 2008. (Xinhua/Reuters Photo)