Dow Jones Industrial Average
S&P 500 (INDEX: ^GSPC)
The markets began falling after the Commerce Department announced at 10 a.m. that sales of new homes fell 0.2% in December. For 2011, new-home sales fell 6.2% to 302,000, the lowest level since data began being collected in 1963.
Earnings also played a role in the Dow's decline. AT&T (NYS: T) was the biggest mover of the day, down 2.52% to $29.45, after it reported a $6.7 billion loss, or $1.12 per share. Analysts expected earnings of $0.42. Earnings were hit by the breakup fee with T-Mobile, iPhone subsidy expenses, asset impairments, and an actuarial loss on benefit plans. Revenue was $32.5 billion, slightly above analyst expectations of $32 billion.
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