Wall St ends year in sombre mood

Stocks sank today as a modest upturn in existing home sales failed to lift investors’ downcast spirits on the last day of Wall Street’s volatile and difficult year.

The National Association of Realtors said November existing home sales rose 0.4% to an annual rate of 5 million – the first rise in nine months. However, sales are still 20% below where they were a year ago, and the median existing home price has dropped 3.3% over the past 12 months.