Weak Home Sales Data Sends Stocks Lower

Stocks are trading sharply lower, after very disappointing home sales data. The National Association of Realtors' index of pending home sales fell 16.1% from a year ago and 12.2% from the month before. It was the second-lowest reading ever and the lowest since Sep 01.

On top of today's gloomy housing data, the OECD lowered its forecast for GDP growth in the U.S. and Europe (full story).

Among today's stocks in the news, Mattel (MAT | Quote | Chart | News | PowerRating) announced another recall of toys made in China (read more).

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