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Stocks fall...New home sales sink...Tesla slides lower

May 23, 2019

NEW YORK (AP) _ Stocks are falling on Wall Street as investors worry about an apparent stalemate in trade talks between the U.S. and China. A spokesman for the Foreign Ministry said that China is open to more trade talks. But no new meetings have been set and tensions between the two sides remain high. The Dow Jones Industrial Average has been down as much as 400 points. Every sector in the S&P 500 index fell except for utilities. Investors sought safety in the bond market and the yield on the 10-year Treasury dropped to 2.33 percent, the lowest level in more than a year.

WASHINGTON (AP) — Sales of new U.S. homes sank 6.9% in April, driven by a decline in the sale of homes worth less than $300,000 that are generally bought by middle class and first-time buyers. Still, year-to-date home sales are running 6.7% above the pace set in 2018. Higher prices and a lack of sales listings have been an obstacle this year for sales of new and existing homes, limiting the number of people who can afford to buy. The median sales price of a new home jumped 8.8% from a year ago to $342,200.

UNDATED (AP) _ Shares of Tesla opened lower today, a day after an influential analyst raised questions about demand for its electric vehicles and told investors that Tesla could become a restructuring story. Stock in the Palo Alto, California, company fell 3% after the opening bell to $186.97, its lowest level since February of 2016.

FRANKFURT, GERMANY (AP) _ Officials at the European Central Bank are less confident in an economic upswing. That, according to views laid out in a written account of the April 10 meeting released today. The 19-country eurozone economy entered a soft patch at the end of last year but showed somewhat stronger growth of 0.4 percent in the first quarter from the quarter before. The U.S.-China trade dispute and slowing global trade have held back economic output.

BALITMORE (AP) _ An official with Baltimore mayor’s office says the city’s IT team is restoring computer systems slowly to ensure their security after a crippling ransomware attack. The computer servers were hit by the cyberattack May 7 and city officials quickly shut down most servers. Services like online payments and email were affected. The Baltimore Sun reports the city’s IT team has been split into two groups to help the recovery. One group is working to find the code that allowed hackers to lock city files, while the other is working to restore affected systems.

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