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Mid-Day Recap: Equities Tank Despite Encouraging Data
Stock markets opened lower on Tuesday morning, jumped more than 1% on mostly positive data thirty minutes into the session, but in a complete reversal an hour later, equities turned course and dipped more than 1% into the red. The sell-off comes after a series of reports suggesting broad economic recovery is picking up mid-way through the summer. Yet investors remain skeptical. Many believe the rapid rise in equity prices from early March to August, which saw markets gain 50%, was not justified by fundamentals in economic data or earnings.
Non-Residential Activity Hurts Construction Spending in July
Residential construction continued on the path to recovery, but a greater-than-anticipated cutback in non-residential activity drove the total Construction Spending report down 0.2% in July, against expectations it would be flat.rnrnBroad advances in new and existing home sales helped residential spending see a 2.3% boost in July, but private non-residential construction fell 1.2%, marking the third straight loss.
Pending Home Sales Up 3.2% in July. NAR Cautions On 1Q 2010
A key housing report that anticipates future sales posted its sixth straight monthly gain in July. The Pending Home Sales Index jumped 3.2% in the month, doubling the consensus call for a 1.6% advance and providing optimism that the prime mover of the credit crisis ― housing ― is experiencing broad leveling off.
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