Wall Street made seesaw movement and capped lower Friday, as worse-than-expected reports on durable goods orders and new home sales overshadowed upbeat consumer sentiment.
The U.S. Commerce Department said orders for durable goods declined 2.4 percent in August, after increasing 4.8 percent in July. Economists had forecast a 0.5 percent increase. The figure showed any rebound in manufacturing is likely to be slow and choppy.
Meanwhile, the Commerce Department said new home sales rose 0.7percent in August, lower than 1.6 percent increase economists had expected.
On the plus side, the Reuters/University of Michigan Surveys of Consumers said its final index of sentiment for September rose to 73.5 from 65.7 in August, the highest level since January 2008.
Research In Motion Ltd., maker of the Blackberry, tumbled 17 percent and weighed on the tech-heavy Nasdaq, after its sales forecast trailed estimate.
Traders also closely looked at a meeting of leaders from the world’s 20 largest economies in Pittsburgh for more clues of how those governments plan to bring about a strong, sustainable recovery and tough financial reforms.
The Dow Jones fell 42.25, or 0.44 percent, to 9,665.19. Broader indexes also went lower. The Standard & Poor’s 500 index slipped 6.40, or 0.61 percent, to 1,044.38 and the Nasdaq fell 16.69, or 0.79 percent, to 2,090.92.
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