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Wall St. edges off record high

Tuesday, December 30, 2014 - 01:56

Stocks fell back on Tuesday as investors took profits on the second to last trading day of the year. Bobbi Rebell reports.

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U.S. stocks pulled back from record levels, the Dow, S&P and Nasdaq ending the day in the red, and brent crude prices hitting a five and half year low. U.S. single-family home price appreciation slowed less than forecast in October, according to the S&P/Case Shiller report. S&P Dow Jones Indices, Chairman, David Blitzer: SOUNDBITE: DAVID BLITZER, CHAIRMAN, S&P DOW JONES INDICES (ENGLISH) SAYING: "If you look over most of this year, you'll see that month after month home prices continued to rise but by a little less the previous month. As we wrap up the year looking at October and the beginning of the fourth quarter, we see eight of the twenty cities where that trend is breaking in our favor. In eight cities home prices not only rose but they rose a bit more than they had in the last month instead of less and that suggests that we may be at the bottom of this, of this pattern. We may actually see home prices begin to reaccelerate sometime in he first half of 2015." Consumer confidence was up in December, boosted by an improving jobs picture that left perceptions about economic conditions at a high last seen in February 2008 The New York Times reported that the U.S. Department of Justice is examining Morgan Stanley in the sale of subprime mortgages in the run-up to the financial crisis. In stocks, NeuroDerm soared 60 percent after a study suggested that a higher dose of its Parkinson's drug could provide an alternative to surgery. Civeo - which provides temporary housing for oilfield workers and miners - plunged 51 percent after the company said it slashed its workforce and revenue forecast. And Hospira gained about one percent after the U.S. Food and Drug Administration approved its new non-opioid painkiller. European shares in the red, led by energy companies.

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Wall St. edges off record high

Tuesday, December 30, 2014 - 01:56