Dow Hits Seven-Week Low After Fed Restates Concern Over Lackluster Economic Growth

New construction rose to the highest level in over two years, increasing 5.7% in August to a seasonally adjusted annual rate of 389,000, beating estimates.
Home prices also rose for a seventh consecutive month in August, up .7% on a seasonally adjusted basis from the previous month.
The Markit’s purchasing manager’s index for October showed factories rebounded slightly from the three-year low in September but not as much as analysts had hoped.
The loss in the Dow Jones Industrial Average followed its largest single-day drop since June 21.
The Dow has now made a new seven-week low.

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