Investing.com - U.S. stocks traded mostly lower Wednesday as lackluster housing data combined with fears that the recent stock rally has outpaced economic growth.
Near the close of U.S. trade, the Dow Jones Industrial Average gave back 0.35%, the S&P 500 dropped 0.19%, while the Nasdaq Composite eased higher by 0.04%.
Stocks went in bearish mode after the National Association of Realtors reported that existing home sales gave back 0.9% to a seasonally adjusted 4.59 million units in February, compared to expectations for a decline to 4.61 million units.
The figure is 8.8% higher than the 4.22 million-unit level in February 2011.
Existing home sales in January was revised down by nearly 1.5% to 4.63 million units from a previously reported 4.57 million.
Lawrence Yun, NAR chief economist, stated underlying factors are much better compared to one year ago,
“The market is trending up unevenly, with record high consumer buying power and sustained job gains giving buyers the confidence they need to get into the market,”.His words added dollar bullish sentiment to the negative numbers.
In Greece, former Deputy Finance Minister Filippos Sachinidis was sworn in as the country’s new finance minister.
On Tuesday, Greece repaid EUR14.5 billion in maturing debt, just one day after receiving the first tranche of aid, under the terms of its second bailout.
Germany and Portugal sold bonds at an auction today helping to ease slowdown fears.
Meanwhile, worries persist that Japan will move to boost stimulus having far reaching economic consequences.
In other news, U.S. Fed Chief Ben Bernanke, stated that Europe must further strengthen its banks and that its financial and economic situation remains difficult despite lessening of stresses.
However, investment banking kingpin, Goldman Sachs went on record stating it believes stocks will continue a steady upward trajectory over the next few years as any economic slowdown news has already been priced in.
At the close of European trade, the EURO STOXX 50 traded down 0.35%, France's CAC 40 fell 0.10%, while Germany’s DAX climbed 0.23%. Meanwhile, in the U.K. the FTSE 100 eased higher by 0.01%.
Investors are awaiting euro zones industrial production, manufacturing and service numbers as well as Mario Draghi’s talk on Thursday.