Stephen Bernard, AP Business Writer
More bad news on home sales sends stocks lower
Stocks retreat as weak durable goods orders, housing sales add to concerns about economy
NEW YORK (AP) — Stocks retreated again after another disappointing report on housing and weak durable goods orders brought more gloom about the economy.
The Dow Jones industrial average fell more than 50 points in morning trading Wednesday following news that sales of new homes fell last month to the lowest level on record. It was the latest indication that home sales are stagnating after the expiration of a homebuyer tax credit this spring.
A separate report from the Commerce Department showed that durable goods orders grew only slightly last month, falling shy of expectations and disappointing investors who had been hoping that the U.S. manufacturing sector would continue to pick up.
The newest signs that the economic recovery is sputtering led investors to move money into the relative safety of Treasurys, sending their yields lower. The yield on the 10-year Treasury note is now the lowest it’s been since January 2009, when the stock market was heading toward its lowest level in 12 years, and the yield on the two-year note is at a record low.
Yesterday’s Top Performing Small Cap Stock:
Concordis Group, Inc. (Pink Sheets: CNGI)
Concordis Group, Inc. was a SmallCapVoice.com top performer closing up over 18% on trading volume of 195,400 shares.
Aug. 25, 2010 (Business Wire) — SmallCapVoice.com, Inc. announced today that a new audio interview featuring Curaxis Pharmaceutical Corp. (OTCBB: ASCH) is now available. The interview can be heard at http://smallcapvoice.com/blog/8-23-10-audio-interview-with-pharmaceutical-corp-otcbb-asch.
Podcast: Download (Duration: 20:07 — 18.4MB) | Embed
Patrick Smith, CEO of Curaxis Pharmaceutical Corp. (OTCBB: ASCH) called into SmallCapVoice.com to explain how Curaxis Pharmaceutical is an emerging specialty pharmaceutical company with a hormone drug product candidate for the treatment of Alzheimer’s disease and multiple cancers. Curaxis’ therapeutic platform is based on the hypothesis that many diseases of aging may be caused by age-related changes in the function of the hypothalamic-pituitary-gonadal (HPG) axis. The HPG axis is a hormonal endocrine feedback loop that controls development, reproduction and aging in animals. This drug development platform is built on the premise that hormones associated with this feedback loop are beneficial early in life, when they promote growth and development, but are harmful later in life when the mechanism for feedback is compromised, thereby leading to disease processes, including pathologies associated with Alzheimer’s disease and various cancers. We believe our discovery of similar hormonal signaling mechanisms at the cellular level in brain tissue from Alzheimer’s patients and in multiple tumors will enable us to develop significant new treatments for Alzheimer’s disease as well as many cancers.