US stocks hit by biggest dip for two months

US stocks suffered their biggest fall in two months tonight, with the Dow Jones industrials logging a triple-digit decline as a disappointing bond auction and a lacklustre report on sales of existing homes halted the market’s two-day rally.

The market drifted lower for much of the session after the National Association of Realtors said sales of US existing homes fell 0.8% last month to a seasonally adjusted annual rate of 6.22 million.