Stocks fall after sales of existing homes decline

NEW YORK -- Wall Street has abruptly ended an earnings-driven rally and closed sharply lower after a steeper-than-expected decline in existing home sales wiped away some of the market's optimism

A National Association of Realtors report on home sales has reminded investors that the housing market remains troubled. Meanwhile, financial stocks have led decliners on worries about further credit troubles.

The Dow Jones industrial average is down 283 at the 11,349 level.