Housing, economic news not enough to boost stocks

MAY 26, 2010
By  Bloomberg
U.S. stocks erased gains as the euro extended its slide against the dollar, approaching the four-year low reached last week, and Microsoft Corp. led a slump in technology companies. Microsoft, the world's largest software maker, tumbled 5.3 percent. The Standard & Poor's 500 Index lost 0.7 percent to 1,066.89 at 3:28 p.m. in New York after rallying 1.6 percent earlier. The euro lost 1.3 percent to $1.2187, approaching its low of $1.2144 reached on May 19. The “euro has been trading terribly,” Peter Boockvar, equity strategist at Miller Tabak & Co. in New York, said in an e-mail. “Once euro broke the 1.22 level, selling picked up in everything else.”

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