U.S. Stocks Slide As Housing Recovery Stalls

(RTTNews) - U.S. stocks fell on Friday, with investors spooked by another dismal report on the housing sector and signs the Chinese economy is slowing.

The mood worsened when a top official at the Federal Reserve said the central bank has done more than enough and should continue to reduce the size of its massive bond-buying plan.

The Nasdaq Composite was down 0.1 percent at 4,263.41, but was positive for a third consecutive week.

The S&P 500 dipped 3.53 points, or 0.2 percent, to close at 1,836.25, below its record close from January 15.

Blue-chips were weaker, as the Dow Jones Industrial Average shed 29.93 points, or 0.2 percent, to finish at 16,103.30, putting an end to a 2-week win streak.

Homebuilders performed well despite news that sales of existing homes fell last month to their lowest in more than a year.

The National Association of Realtors reporting sales in January fell 5.1 percent versus expectations for a 3.5 percent drop.

Metals miners struggled, with Newmont Mining Corp. (NEM) among the bigger decliners. The Philadelphia Gold and Silver Index fell by 0.5 percent.

G Asset Management has offered to buy 51 percent of Barnes & Noble. Shares of the bookseller jumped 5.2 percent.

Groupon Inc. (GRPN) tumbled 20 percent after reporting a loss for the fourth quarter that was almost flat with last year.

Juniper Networks (JNPR) rose after the networking gear maker announced an "aggressive" stock buyback plan.

Under Armour (UA) will renew its sponsorship of the U.S. speedskating team through 2022, even after the team blamed its lackluster showing on Under Armour's "Mach 39" suits. Shares rose 5.5 percent.

Intuit (INTU) reported second quarter non-GAAP earnings of 2 cents per share on revenues of $782 million. The earnings were in line, but revenues missed estimates. Shares rose 4.5 percent.

In economic news a sharper-than-expected slide in existing home sales in January suggested the winter lull was more than weather related.

The National Association of Realtors revealed that existing home sales fell 5.1 percent in January to an annual rate of 4.62 million.

Elsewhere, British retail sales declined more than expected in January due to a notable decrease in food store sales, the Office for National Statistics said.