Wall Street selloff continues on fresh European concerns (2)

Traders work on the floor of the New York Stock Exchange, May 24, 2010. (Xinhua/Reuters Photo)

Major indexes soon rebounded from early lows after report showed existing home sales soared in April as home buyers scrambled to claim the tax credit that expired at the end of the month.

According to the National Association of Realtors, the existing home sales jumped 7.6 percent last month to a seasonally adjusted annual rate of 5.77 million units, higher than analysts had expected.

However, the boost didn't last long as financials and energy stocks weighed on the market.

Financial big names, including Bank of America, J.P. Morgan Chase and American Express dropped sharply, dragging the Dow quickly lower in the last few minutes of trading.

Energy shares were also among worst performers, led by BP, whose share fell to a 52-week low in the session as the company is facing mounting criticism for the handling of its Gulf of Mexico oil spill.Source:Xinhua
【1】 【2】