* Existing-homes sales unexpectedly fall, homebuilders off
* S&P 500 index ends below key technical level
* Energy shares, facing regulatory uncertainty, drag
* In bright note, Apple rises on iPad sales
* Dow off 1.4 pct, S&P down 1.6 pct, Nasdaq off 1.2 pct
* For up-to-the-minute market news see []
(Updates to close)
By Ryan Vlastelica
NEW YORK, June 22 (Reuters) - U.S. stocks fell more than 1
percent in yet another late-day selloff on Tuesday as
unexpectedly poor housing figures and the puncture of a key
technical level sapped buying interest.
Stocks marked time in a thinly traded session until the S&P
500 fell through its 200-day moving average, which had been a
basis of support in the last few days.
Homebuilders' shares fell after the National Association of
Realtors reported sales of existing homes unexpectedly fell in
May in the latest of a series of weak economic releases.
D.R. Horton Inc <DHI.N> fell 2.9 percent to $10.24 while
luxury homebuilder Toll Brothers <TOL.N> was off 2.9 percent at
$17.11. The Morgan Stanley housing index <.HGX> slumped 2.6
percent. For details, see []
"This tells you how weak demand is, and that creates a lot
of uncertainty about where the economy is going," said James
Meyer, chief investment officer at Tower Bridge Advisors in
West Conshohocken, Pennsylvania.
The Dow Jones industrial average <> dropped 148.96
points, or 1.43 percent, to 10,293.45. The Standard & Poor's
500 Index <.SPX> fell 17.86 points, or 1.60 percent, to
1,095.34. The Nasdaq Composite Index <> lost 27.29 points,
or 1.19 percent, to 2,261.80.
The S&P 500 ended below 1111.33, the 200-day moving
average.
"It's not a good sign," said Bill Strazullo, partner and
chief investment strategist at Bell Curve Trading in Boston.
"The last line in the sand is 1,050. You break that, it's done.
The March '09 rally is over ... it's really critical what's
going on here."
Energy companies also numbered among the decliners amid
worries about regulation. Oil drillers briefly spiked after a
U.S. judge ruled against a six-month moratorium imposed by the
White House on deepwater drilling, but the Obama administration
said it will immediately appeal, and the sector fell.
[].
Cabot Oil & Gas Corp <COG.N> shares dropped 6.2 percent to
$33.70 and the S&P energy sector <.GSPE> fell 1.3 percent.
"The markets aren't going to like the uncertainty that the
back-and-forth between the courts and the administration
creates," said Joe Saluzzi, co-manager of trading at Themis
Trading in Chatham, New Jersey.
On the upside, Apple Inc <AAPL.O> rose 1.3 percent to
$273.56 on news it had sold 3 million iPads since the product's
April launch. In addition, at least two brokerages raised their
price targets on the tech bellwether. []
In earnings news, Jefferies Group Inc <JEF.N> reported
second-quarter earnings that surged past expectations, lifting
the stock 6.3 percent to $24.32. But Walgreen Co <WAG.N> fell
6.6 percent to $28.15 after it reported a weaker-than-expected
third-quarter profit. [] and []
After the bell, Jabil Circuit Inc <JBL.N>, a maker of
electronic circuit boards, rose 8.7 percent to $14.77 in
extended trading after the company reported its third-quarter
results. []
Adobe Systems Corp <ADBE.O> rose 1.6 percent to $33.25 in
extended trading after reporting its second-quarter results.
[]
Dow component McDonald's Corp <MCD.N> fell 1.4 percent to
$68.91. Earlier, the Center for Science in the Public Interest
threatened to sue the fast food giant if it doesn't stop using
Happy Meal toys to draw children into its restaurants. Burger
King Holdings Inc <BKC.N> fell 1.4 percent to $17.90.
[]
(Editing by Kenneth Barry)
