Posted: Jul 1, 2010 9:04 AM by Greg Boyce
NEW YORK (AP) - Stocks are extending their slide after home sales fell to a record low in May following the expiration of a tax credit.
Stocks were already lower Thursday following another disappointing report on jobs. The National Association of Realtors says the number of buyers who signed contracts to purchase homes dropped to a new low in May following a rush of purchases to meet an April 30 tax credit deadline.
Stocks had opened lower after initial claims for jobless benefits rose unexpectedly last week. The Labor Department issues its monthly jobs report Friday.