Today capped off the Worst Week of the Year for the stock market.
U.S. Stocks Decline as Investors Weigh Housing, Confidence Data
U.S. stocks fell, giving the Standard & Poor’s 500 Index its biggest weekly drop since June, as investors weighed data showing housing starts climbed in July while a gauge of consumer confidence fell. The S&P 500 dropped 0.3 percent to 1,655.84 at 4 p.m. in New York. The benchmark gauge has lost 2.1 percent in the past five days, the most in a week since June 21.
Data today showed new-home construction in July climbed 5.9 percent to an 896,000 annualized rate from a revised 846,000 pace in June that was higher than previously reported. Builders started work on fewer single-family homes in July, marking a pause in the residential construction rebound that’s helping to propel the U.S. economy. Work began on 2.2 percent fewer individual homes last month, taking them to a 591,000 annualized rate, the least since November
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury