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Stocks struggle out of the gateU.S. markets steered lower as credit worries, upcoming housing report weigh on investors.NEW YORK (CNNMoney.com) -- U.S. stocks retreated at Friday's open as jittery investors braced for a fresh reading on housing starts and shrugged off a surprisingly strong jump in orders for durable goods. The three major gauges - the Dow Jones industrial average, Nasdaq composite index, and the Standard & Poor's 500 index - all edged lower in the opening minutes of tradnig. New orders for long-lasting manufactured goods made in the United States grew a higher-than-expected 5.9 percent in July, according to a Commerce Department report early Friday. Investors shrugged off the numbers, though, as they prepared for more bad news from the housing sector. New data are expected to show a drop in new home sales in July. The 10:00 AM ET report comes after Countrywide Financial (Charts, Fortune 500) CEO Angelo Mozilo warned of a possible recession due to weakness in the housing market. Among companies in the news: Home Depot (Charts, Fortune 500), KKR Financial (Charts), Ford (Charts, Fortune 500), Burger King (Charts), Monster Worldwide (Charts), H.J. Heinz (Charts, Fortune 500). |
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