Mid-Day Recap: Stocks Shrug Off Housing Data, Dip Into Red

by devteam August 26th, 2009 | Share

Three economic reports this morning have confirmed that there are signs of stabilization in the US economy, but markets are having none of it. Equities were unchanged following a big advance in new orders for durable goods, and a jump in new home sales only put stocks in the black temporarily.

Three hours into the mid-week session, all three indexes had fallen from their modest gains. The Nasdaq was down 0.32% to 2,017, the S&P 500 was 0.13% lower at 1,026, and the Dow was down 0.01% to 9,539.

Globally, markets were mixed too. In Asia, China’s Shanghai index rallied 1.78% and Japan’s Nikkei moved up 1.36%, but in Europe results were less encouraging. London’s FTSE 100 drew back 0.54%, the German DAX fell 0.41%, and France's CAC-40 shed 0.31%. 

As with every Wednesday, the day began early with a 7am Mortgage Applications report. The industry survey found refinance activity increase to its highest level since early June with a 12.7% gain â€

About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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