Author: Elena Todorova
123jump.com
Last Update: 12:08 PM EDT June 26 2007
U.S. stock averages lost direction over the course of morning trading, as investors refrained from making big moves ahead if the Fed Reserve''''s decision on interest rates later in the week. Slightly better-than-expected housing data and deal news failed to offset renewed worries about interest rates, the subprime mortgage market, and hedge fund woes. Housing stocks came under pressure on lower home sales, followed by resource stocks which declined on weaker commodities prices.
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