Dow Jones Dives 375 Points On Key Housing Data; Alibaba Slides As CEO Steps Down

The Dow Jones Industrial Average sold off more than 375 points Tuesday after key housing data, with the release of housing starts and permits from the Commerce Department. Chinese e-commerce giant Alibaba (BABA) fell sharply after CEO Daniel Zhang stepped down in a management shake-up. X Early Tuesday, May’s housing starts rose to 1.631 million, far above estimates that expected them to hold steady at 1.400 million vs. April’s 1.401 million annualized rate, per Econoday. May’s permits climbed to 1.491 million, also above estimates vs. April’s 1.416 million. Alibaba shares declined 5% Tuesday morning after the company announced an overhaul…