Wall St down after Portugal credit rating cut

U.S. stocks fell on Wednesday after Portugal's credit rating was downgraded on budget concerns, prompting investors to pull back after recent gains.

Markets took little direction after mixed economic reports, with data showing new home sales falling to a record low in February, while new orders for long-lasting manufactured goods rose for the third straight month in February and inventories posted their biggest gain since December 2008.

Portugal's downgrade jarred European markets as Greece's debt problems has dominated the spotlight. Shares in Europe were knocked lower and carried through to the United States.

Editor's Comment
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