(By Salman - iStockAnalyst Writer)US stocks finished down on Tuesday as weaker-than-expected housing data outweighed strong corporate quarterly earnings.
The Dow Jones Industrial Average slipped 50.71 points or 0.50% to finish at 10,041.48s. The S&P 500 retreated 6.85 points or 0.62% to end at 1,091.06. The Nasdaq Composite fell 12.85 points or 0.59% to 2,163.47.
A Department of Commerce release on Tuesday showed housing starts rose in September to seasonally adjusted annual rate of 590,000. Building Permits dropped 1.2% to annual rate of 573,000. Economists had projected housing starts to increase to an annual rate of 595,000 and building permits to rise to 610,000 in September.
A release by Department of Labor on Tuesday showed U.S. producer prices fell 0.6% in September while core producer prices declined 0.1% in the month. Economists expected producer price index to remain unchanged in September.
Shares of airplane maker Boeing Co. (NYSE:
BA) tumbled $1.56 or 2.92% to $51.89.
Alcoa Inc. (NYSE:
AA) slid 28 cents or 1.99% to $13.79.
Shares of home improvement retailer Home depot Inc. (NYSE:
HD) dropped 66 cents or 2.39% to $26.97.
Shares of Walt Disney Co. (NYSE:
DIS) lost 52 cents or 1.74% to $29.35.
Early on Tuesday ,Dow component Caterpillar (NYSE:
CAT) said that its third-quarter profit plunged 53% to $404 million, or 64 cents a share, from $868 million, or $1.39 per share, during the same quarter a year earlier. Revenue slumped 44% to $7.3 billion. Shares of equipment maker jumped $1.76 or 3.04% to $59.61.
Shares of Coca-Cola Co. (NYSE:
KO) fell 72 cents or 1.31% to $54.07 after said Tuesday that its third-quarter profit climbed to $1.896 billion from $1.89 billion.
