Stocks Tumble on Housing Data, Tech Results

By Paul Shread | May 24, 2007
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Stocks plunged Thursday after strong durable orders and housing sales raised fears of higher interest rates — while at the same time, sharply falling home prices dampened hopes that the housing market might be recovering.

The S&P 500 was once again turned back at its all-time closing high of 1527.46 set seven years ago.

Tech stocks led the way lower after CA , Komag and Network Appliance warned of lower than expected results. NetApp and Komag shares lost 16% each, CA dropped half that amount and the Nasdaq ended the day 1.5% lower.

Dell lost ground despite a deal to sell computers in Wal-Mart stores.

PacificNet and Quantum surged on their results.

Ansoft , Synopsis and CTS fell on their earnings reports.

The Nasdaq tumbled 29 to 2537, the S&P 500 lost 14 to 1507, and the Dow fell 84 to 13,441. Volume rose to 3.44 billion shares on the NYSE, and 2.43 billion on the Nasdaq. Declining issues led by a 26-6 margin on the NYSE, and 22-7 on the Nasdaq. Downside volume was 80% on the NYSE, and 85% on the Nasdaq. New highs-new lows were 122-43 on the NYSE, and 100-62 on the Nasdaq.