Dollar, crude rise; Wall St lower on housing data

Wed Dec 28, 2016 12:29pm EST
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By Rodrigo Campos

NEW YORK (Reuters) - The U.S. dollar and crude oil rose on Wednesday, adding to recent trends, while stocks fell in a broad but shallow decline on Wall Street as home resales dropped sharply.

Contracts to buy previously owned U.S. homes fell in November to their lowest level in nearly a year, a sign that rising interest rates could be weighing on the housing market.

Despite the tick down in the 10-year U.S. Treasury yield Wednesday, the spread between the benchmark and 10-year German Bund yields touched its historic high.

On Wall Street, shares fell broadly with real estate posting the largest drop among S&P 500 sectors.

The Dow Jones Industrial Average .DJI fell 53.27 points, or 0.27 percent, to 19,891.77, the S&P 500 .SPX lost 13.04 points, or 0.57 percent, to 2,255.84 and the Nasdaq Composite .IXIC dropped 35.04 points, or 0.64 percent, to 5,452.41.

The pan-European FTSEurofirst 300 index .FTEU3 edged up 0.27 percent, while MSCI's gauge of stocks across the globe .MIWD00000PUS fell 0.32 percent.

Emerging market stocks rose 0.65 percent.

Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.5 percent while Japan's Nikkei .N225 closed little changed.   Continued...

A trader works on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly