US stocks slipped for a third successive day on Tuesday, erasing early gains after weaker than expected economic data heightened concerns about the health of the US economy.
The S&P 500 closed down 0.2 per cent, having risen as much as 0.5 per cent earlier in the day, while the Nasdaq Composite was flat.
Data on home sales and a closely watched survey of activity in the services sector disappointed. Annualised sales of newly built homes fell 12.6 per cent month on month in July, the US Department of Commerce reported. Analysts had anticipated a much smaller drop of 2.5 per cent.
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