U S stocks drop amid weak housing data

U S stocks opened lower on Tuesday amid slow-than-expectation housing data. The Commerce Department Tuesday said housing slipped 1.1 percent in February to a seasonally adjusted annual rate of 698,000 units, slightly below the previously expectation. However, new building permits rose 5.1 percent to a seasonally adjusted 717,000 units last month. The reading was the highest since October 2008. Investors were still concerned that the weak hosing market will push more pressure on the way to economic recovery. The Dow Jones industrial average lost 74.70 points, or 0.56 percent, at 13,164.43. The Standard & Poor's 500 was down 8.59 points, or 0.61 percent, to 1,401.19. The Nasdaq Composite Index dropped 20.08 points, or 0.65 percent, to 3,058.37.