Bleak economy stats drive markets down

Stock prices dipped after the release of two bleak reports on the state of the economy. Orders for durable goods were down 1.7% last month, after a 5.1% drop in January, according to the Department of Commerce. The drop ran contrary to Wall Street expectations of an 0.8% increase. The loss was led by transportation goods and machinery. Sales of new homes also declined last month. A commerce department report showed a 1.8% drop in the sale of single-family homes in February. Inventories of new homes also fell to 471,000 homes, the lowest figure in 13 years, down from 481,000 sales in January. In response to these gloomy reports set markets tumbling in morning trading.