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