MW: Oil, gold accelerate losses after ISM, homes data
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Crude and gold futures added to losses after manufacturing and housing gauges showed worrying declines Thursday. Oil for August delivery lost $2.11, or 2.8%, to $73.50 a barrel. August gold declined $10.10, or 0.8%, to $1,235.90 an ounce. The expansion in the U.S. manufacturing sector moderated in June after three months of very rapid growth, according to a survey of purchasing managers at companies across the nation. The Institute for Supply Management index fell from 59.7% in May to 56.2% in June, the lowest since December. Readings over 50% indicate most firms are growing. New sales contracts on existing homes fell 16% in May from a year ago after a federal subsidy for buyers expired at the end of April, the National Association of Realtors reported. The pending home sales index plunged 30% in May after rising 23% between January and April.
