US Stocks declined again on Tuesday after a disappointing report from Housing Sector.
The National Association of Realtors said sales of previously occupied homes plunged in July to an annual rate of 3.83 million against economists estimate of 4.7 million, a 27 percent drop from last month to a lowest level in 15 years.
The Dow Jones industrial average lost 134 points (1.32%) Tuesday and closed at 10,040. Nasdaq plunged 1.66% or 35.87 points and closed at 2123.
This indicates that possibility of a double dip recession is still strong. Also some economist strongly believe that it is something more than a recession as it follows the trend of the Great Depression pattern.
Today morning Asian stocks also opened in the red – Nikkei 225 trading at 8905, down 1% and Hang Seng at 20,578, down 0.39%. Indian Markets also expected to trade in the narrow range because of weak global cues.