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THE REAL MOST ACTIVE Dow, S&P 500 Lower As Housing Stocks Drop.(MAKING MONEY)
Byline: NANCY GONDO
NYSE stocks rose early Friday, but soon lost steam, closing lower on their first day of trading in the new year. The Dow industrials shed 0.4% and the S&P 500 0.3%. Volume was slightly higher. The small-cap S&P 600 index bucked the downtrend with a 0.2% gain.
Home builders were among the biggest losers, as the Building-Resident/Commercial group fell 3.8%. The December ISM Index set a 20-year record at 66.2, beating views for the national manufacturing report by more than 5 points. That led to a drop in U.S. Treasury bond prices. Housing stocks fell amid concerns of a possible interest-rate hike.
Among leaders in the group, Hovnanian Enterprises fell 4.16 to 82.9 on double average trade, closing below its 50-day moving average for the first time since mid-August. Centex lost 3.25 to 104.40 and D.R. Horton 1.69 to 41.57.
Coach gave up 0.81 to 36.94, but held above its 50-day line. ...
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