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Mid-Day Recap: Stocks Fall Despite Major Gain in New Homes Data
Markets jumped in the minutes after the New Home Sales report posted its biggest one-month leap in eight year, as of noon in Monday’s session all three markets have dipped back into the red. However, markets shot up more 11% over the past two weeks, so the minor decline isn’t too worrying yet.
As of 12:00pm, the NASDAQ is down 0.44% to 1957, the Dow has fallen 0.22% to 9073, and the S&P 500 is trading 0.23% lower at 977.
The only macroeconomic data released today was the new homes data, which led many economists to announce that stabilization, and even recovery, had begun in the real estate market.
Sales of new single-family homes soared by 11% in June â€
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Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.
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