Stocks fell Monday as investors lowered their expectations for a key summit of European Union (EU) leaders later this week. In U.S. economic news, sales of new homes rose more than expected in May to an annual rate of 369,000. The U.S. dollar gained versus the euro but fell versus the yen. Light sweet crude oil for August delivery fell 55 cents to $79.21 a barrel on the New York Mercantile Exchange. Gold futures rose $21.50 to $1,588.40 an ounce. The Dow Jones industrial average fell 138.12, or 1.1 percent, to 12,502.66. Bank of America and Hewlett-Packard were the worst performers on the index, while Wal-Mart shares rose 1 percent. The broader Standard & Poor's 500 index fell 21.30, or 1.6 percent, to 1,313.72. The technology-heavy Nasdaq composite index fell 56.26, or nearly 2 percent, to 2,836.16. Shares of Blackberry-maker Research in Motion (RIM) fell 7.5 percent after Morgan Stanley analysts downgraded the stock.
