REFILE-US STOCKS-Wall St dips on weak housing, durables data

(Fixes story link in paragraph 5)

* New-home sales tumble to record low in July

* U.S. durable goods orders rise less than expected

* Natural gas price tumbles, hurting coal miners

* Dow off 0.4 pct, S&P down 0.5 pct, Nasdaq off 0.2 pct

* For up-to-the-minute market news see [STXNEWS/US]
(Updates to midday, changes byline)

By Rodrigo Campos

NEW YORK, Aug 25 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) fell on Wednesday
as weak data on U.S. housing and orders for long-lasting
manufactured goods underscored the prospect of a sharp economic
slowdown.

But a rebound off an S&P 500 index technical support level
after five days of broad declines helped to buffer losses.

Energy shares led losses on the S&P 500 as coal miners
stocks dropped on concerns that power plants would switch to
natural gas from coal as the price of gas fell to a three-month
low. For details, see [ID:nN25136250].

Massey Energy (MEE.N: ) tumbled 4.2 percent to $28.89 and
Arch Coal Inc (ACI.N: ) dropped 3.7 percent to $21.59.

Adding to a string of weak data, new U.S. single-family
home sales slumped to a record slow pace in July while orders
for costly durable goods, like washing machines and airplanes,
rose far less than anticipated, according to government
reports. [ID:nN25121445].

Data from an industry group on Tuesday had shown an
unexpectedly large drop in existing-home sales.
[ID:nN25127128].

“New home sales was below consensus estimates, but after
yesterday’s (home resales) number it wasn’t so much of a
surprise,” said Paul Hickey, co-founder of research firm
Bespoke Investment Group in Harrison, New York.

The Dow Jones industrial average (.DJI: ) dipped 44.04
points, or 0.44 percent, to 9,996.41. The Standard & Poor’s 500
Index (.SPX: ) dropped 5.52 points, or 0.52 percent, to 1,046.35.
The Nasdaq Composite Index (.IXIC: ) fell 4.23 points, or 0.20
percent, to 2,119.53.

The S&P 500 found support at 1,040, a level closely watched
by chartists. The benchmark index hit lows in the 1,040 area in
February, May and early June, indicating some investors may see
a dip below it as a buying opportunity.

“At a level like 1,040, where a lot of people are watching,
you’re going to get a little bit of a bounce,” Hickey said.

Bank stocks continued their slide on the weak housing data.
The KBW bank index (.BKX: ) briefly hit 42.70, its lowest level
in 2010. Wells Fargo (WFC.N: ) dropped 2.1 percent to $23.14.

Healthcare stocks, among the least sensitive to economy
swings, outperformed the overall market.

Coventry Health Care Inc (CVH.N: ) gained 4.1 percent to
$20.18 and the S&P health stocks sector (.GSPA: ) added 0.6
percent.

Both luxury homebuilder Toll Brothers Inc (TOL.N: ) and
apparel retailer American Eagle Outfitters Inc (AEO.N: ) rallied
after reporting quarterly results. Toll gained 4.1 percent to
$16.86 while American Eagle was up 6.8 percent at $13.34.
[ID:nSGE67O0GI] [ID:nN25116657].
(Reporting by Rodrigo Campos; Editing by Kenneth Barry)

REFILE-US STOCKS-Wall St dips on weak housing, durables data