Market Recap: Markets Sour as Home Sales Slump
- Posted on March 21, 2012 at 5:42pm by
Becket Adams
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Markets closed mixed on Wall Street today:
▼ Dow -0.35 percent
▼ S&P -0.18 percent
▲ Nasdaq +0.04 percent
▲Oil +0.84 percent
▲Gold +0.19 percent
On the commodities front:
▲Oil (NYSE:USO) rose to $106.96 a barrel
Precious metals:
▲Gold (NYSE:GLD) climbed to $1,650.10 an ounce
▲ Silver (NYSE:SLV) rose 1.04 percent to settle at $32.17
(Related: Want Big Bucks? Invest in Solar)
Today’s markets were mixed because:
1) Housing: The latest report on home sales dampened enthusiasm about the economy today. The National Association of Realtors reported Wednesday that fewer than expected previously-occupied homes were bought last month, prompting stocks to turn lower in early trading.
The report came after government data released Tuesday showed a dip in new home construction.
2) Tech: Gains in technology shares buoyed the Nasdaq, though the energy services sector weighed down markets. Zynga was trading higher after it announced it would buy OMGPOP, the maker of the hit game “Draw Something,” currently the most popular app in Apple’s App Store, both for iPhones and iPads.
Google was also trading higher on news that its Chrome browser surpassed Microsoft’s Internet Explorer in terms of users for the first time. Hewlett-Packard said it was merging its printer and PC businesses in a major reorganization to save costs and boost growth. And Oracle shares rose after the world’s No. 3 software maker beat Wall Street’s earnings estimates.
3) Stocks: Lions Gate Entertainment continued to draw attention as investors bet the company would win big with the opening of “The Hunger Games” movie this Friday.
General Mills shares were down after the company noted that its margins had been squeezed during the last quarter by higher input prices.
And Green Mountain was trading higher, up more than 10 percent at close, following the announcement that Starbucks would produce coffee for its new Keurig single-cup coffee makers.
[Editor’s note: the above is a cross posting that originally appeared on Wall St. Cheat Sheet.]
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rebeccasykes
Posted on March 22, 2012 at 6:13amIf you move and sell the home before you have recouped the costs, you won’t end up receiving a financial benefit from refinancing. Use our refinance calculator to help you decide. Check out 123 Refinance calculator to find your refi rates in seconds.
Report Post »CulperGang
Posted on March 21, 2012 at 9:34pmhttp://europenews.dk/en/node/52621 read it and weep “The Greatest Scam”
well of course it is. it is designed to destroy the infrastructure. kill off half+ the earth population so the elite can live large with a few serfs to cater to their needs. Africa is dying of man made diseases. Americans and Brits are fat and dumb dying of cancers/ the middle east is being prodded into a conflagration committing all out genocide towards each other, wich will erase the Jews, just as the bankers planned. Americans and the Israelis are the only ones still entertaining “individuality” the 1% can’t have that. Individual people can think for themselves and don’t like being told what to do, what not to do and when to do it. Israelis are the most innovative people on the face of the planet………the 1% can’t have that, the Iranians must be threatened so they turn on the Jews. ALL GOING ACCORDING TO PLAN. With fiancial redistribution to the 1%, leaving the world starving.
Report Post »Tree_Butcher
Posted on March 21, 2012 at 9:09pmBlame the guy in Minnesota that didn’t put siding on his house. He was arrested though, so the housing market will come back in a few years…
Report Post »lukerw
Posted on March 21, 2012 at 7:56pmBuilders… are building homes… out of a need of something to do… as a Ritual… because the Media keeps telling them: The Economy is Improving! The New Show will be named Idiot To Idiot!
Report Post »seeker9
Posted on March 21, 2012 at 7:52pmBeen waiting for a 5-7% correction. Didn’t happen in Feb. Could be a “sell in May and go away” market.
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