The market was in sell-off mode on Monday. Stocks such as Bank of America, Intel, and Microsoft traded lower amid renewed euro zone concerns. News that Cyprus and Spain are seeking bailouts as well as word that Greece’s financial minister has resigned failed to impress. Meanwhile, new-home sales increased in May. The Commerce Department said sales of single-family homes climbed by 7.6 percent to 369,000 last month from a revised 343,000 in April. Economists had expected a lesser rise to sales of 346,000 in May. Elsewhere, crude oil shed 55 cents to settle at $79.21 a barrel. Looking ahead, the Case-Shiller Home Price Index is set for release tomorrow and earnings reports are due this week from such companies as General Mills, Monsanto, and Nike.
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