Street Looks Past Weak Home Sales Report

By: Associated Press
By: Associated Press

Wall Street is shrugging off a larger-than-expected drop in sales of existing homes last month as investors instead focus on the government's plan to bail out Citigroup Inc.

The National Association of Realtors says sales of existing homes fell 3.1 percent to a seasonally adjusted annual rate of 4.98 million in October. That's down from 5.14 million in September.

Investors are more interested in the government's decision to invest $20 billion in Citigroup and guarantee $306 billion in risky assets to help stabilize the banking sector.

Stocks remain higher, as they had been ahead of the housing report. The Dow Jones industrial average is up 216 at the 8,262 level. All the major indexes are up more than 2 percent.

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