US STOCKS-Wall St slips on housing data, euro-zone concerns

* Euro hits 10-week low vs USD, dips below $1.30

* Monthly home prices fall more than expected-Case-Shiller

* Volatility Index gains on heightened uncertainty

* Dow down 0.4 pct, S&P off 0.5 pct, Nasdaq off 1 pct
* For up-to-the-minute market news see [STXNEWS/US]
(Updates to midday, changes byline)

By Angela Moon

NEW YORK, Nov 30 (BestGrowthStock) – Wall Street declined on Tuesday as
the latest data on home prices in the United States underlined the
obstacles on the economy’s road to recovery and added to lingering
worries about the euro-zone debt crisis.

Reflecting investors’ mounting uncertainty, the CBOE Volatility
Index VIX (.VIX: ) jumped 5.8 percent to 22.78.

Stocks opened lower and remained under pressure as the euro sankto a 10-week low against the U.S. dollar, after a weekend rescue
package for Ireland did little to stem fiscal concerns. The euro and
stocks have been trading in sync with each other in recent weeks as
European debt problems resurfaced, driving investors away from risky
assets. For details, see [ID:nLDE6AT18Y]

In the United States, the latest S&P/Case-Shiller home prices
data disappointed investors, as monthly prices fell more than
expected in September, and prices from a year earlier rose more
slowly than forecast. [ID:nNLLTME6O7]

The Dow Jones U.S. home construction index (.DJUSHB: ) edged up 0.2
percent after closing Monday at its lowest since July 2009.

“The European crisis will continue to weaken stocks, at least
until the end of the year, since this is something that we can’t just
put away and will not quiet down soon,” said Jerome Hepplemann,
portfolio manager at Old Mutual Focused Fund in Berwyn,
Pennsylvania.

The Dow Jones industrial average (.DJI: ) fell 39.17 points, or
0.35 percent, to 11,013.32. The Standard & Poor’s 500 Index (.SPX: )
shed 5.94 points, or 0.50 percent, to 1,181.82. The Nasdaq Composite
Index (.IXIC: ) slipped 24.87 points, or 0.99 percent, to 2,500.34.

By midday, all three major U.S. stock indexes had regained a
modest amount of ground to come off their intraday lows.

Google Inc (Read more about Google Stock Analysis) (GOOG.O: ) weighed on the tech-heavy Nasdaq index
following media reports that the company is close to a deal to buy
local advertising website Groupon Inc in what could be the Internet
giant’s biggest acquisition to date. [ID:nN30246836]

Google shares fell 3.2 percent to $563.54.

On the upside, Swiss engineering group ABB (ABBN.VX: ) is to buy
U.S. industrial motors manufacturer Baldor Electric Co (BEZ.N: ) for
$3.1 billion to capitalize on a global push for energy efficiency and
boost its North American presence. Baldor’s stock soared 40.2 percent
to $63.23 and topped the list of percentage gainers on the New York
Stock Exchange. [ID:nLDE6AT02K]

In November, U.S. consumer confidence rose to its highest level
in five months, helped by improving labor market conditions,
according to a report from the Conference Board, a private-sector
research group. [ID:nN30178922]

Global investors increased their exposure to equities in November
despite weaknesses on many bourses, while U.S. and British fund
managers stepped away from crisis-hit euro-zone bonds, a Reuters
asset allocation poll found.
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For details on Reuters’ latest asset allocation poll, see
[ID:nN29202856] [ID:nLDE6AT0HU] and [ID:nLDE69R0FD]
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(Reporting by Angela Moon; Editing by Jan Paschal)

US STOCKS-Wall St slips on housing data, euro-zone concerns