Aust stocks close lower

Weak US home sales data, tapering worries weigh on local market despite survey showing a lift in business conditions.

The Australian stock market has closed more than 1.2% lower after tapering worries and weaker than expected United States home sales data weighed on Wall Street.

At the 1615 AEDT official market close, the benchmark S&P/ASX200 index dropped 1.26% to 5,175.1 points, while the All Ordinaries index shed 1.26% to 5,188 points.

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