Worries Over Inflation Send U.S. Market Down

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"There aren't any indications how the U.S. economy is entering recession. I'm fairly bullish as the actual marketplace is fairly valued," Peter Dunay, a great strategist at Leeb Capital Management in New York, told Bloomberg.

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"It's a number, nevertheless is a revision right now there is even a sense that it just shows anything happened within the past," Peter Cardillo, chief market economist at Avalon Partners, told MarketWatch.

Red Bank, N.J.-based home builder Hovnanian Enterprises(HOV_) reported a much wider loss for its fiscal second quarter as. last year as gross margins deteriorated and contract backlog declined.

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