U.S. stocks fell on Tuesday, led by declines in Citigroup Inc. and other financial services stocks, as a drop in existing home sales raised concerns about consumer and mortgage lending, Reuters reported. Shares in Citigroup, the world's largest financial institution, dropped 1.5 percent to $43.56, while the Philadelphia KBW Bank Index fell 0.9 percent. Citigroup, a Dow component, also fell as the company said Marjorie Magner, its consumer banking chief, will leave. Demand for home-building stocks declined after a report by the National Association of Realtors showed sales of previously owned homes slowed more than expected last month to a seasonally adjusted annual rate of 7.16 million units. An index of home-builder shares fell 1.1 percent. "Stocks have been losing steam as a result of higher rates and higher energy prices," said Carl Birkelbach, president of Birkelbach Management Corp. in Chicago, with $200 million in stocks. "We could see a continued correction in prices from now until the next earnings season." --more 2355 Local Time 2055 GMT
