Fri, 27 Jan 2012 15:10:08 GMT
S&P 500 drops on housing data
US S&P 500 Index fell on Thursday, weighted down by an unexpected drop in new home sales. US benchmark declined 0.57% or 7.62 points and closed at 1,318.43 with nine out of ten industries posting losses as home sales decelerated 2.2% in December. Main losers were energy and telecommunication shares with E Trade Financial dropping 14.6% and Range resources giving