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Stocks plunge on grim housing news

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The Dow Jones industrial average sank more than 400 points today, and the dip was largely attributed to news about continued weakness in the U.S. housing market. The Commerce Department reported that sales of new homes were down 6.6 percent in June, and major home builders D.R. Horton and Beazer Homes posted steep second-quarter losses. more [NYT]