New York Report: Dow and S&P fall from peak

THE Dow and S&P 500 yesterday dropped from record levels, with home-builder and bank shares among the biggest fallers.

The Dow Jones industrial average fell 101.47 points, or 0.6 per cent, to 16,613.97, while the S&P 500 index lost 8.92 points, or 0.5 per cent, to 1,888.53. Nasdaq fell, too, by 29.54 points, or 0.7 per cent, to 4,100.63.

A selloff in home-builder shares helped drag down the S&P 500’s consumer-discretionary sector by 1.1 per cent.

Department store Macy’s shares dipped 0.2 per cent to $57.83 after its operator reported sales that missed expectations.

But the biggest drag on both the Dow and the S&P 500 was IBM, whose shares shed 1.8 per cent to $188.72.

IBM said it expected hardware profit to be flat year-over-year over the coming year.