Durable goods orders fell 5.3% in January, below the estimate of a 4.0% decline. Ex-transportation, orders were down 1.6%. December was also revised downward, indicating continued weakness in manufacturing. More from Bloomberg...
New home sales fell 2.8% in January to 588,000, the lowest level since February 1995 and below the estimate of 600,000. Details from Bloomberg...
Federal Reserve Chairman Ben Bernanke testified before Congress that the housing market is expected to continue to weigh on economic activity in coming quarters and reiterated that downside economic risks remain. More from Bloomberg...
The Dow Jones Industrial Average gained 9 points (0.1%) to close at 12,694, the S&P 500 Index lost 1 points (0.1%) to 1,380, and the Nasdaq Composite advanced 9 points (0.4%) to 2,354. Crude oil finished down $1.24 to $99.64 per barrel, and gold rose $11.60 at $960.50 per ounce.
Magnificent Seven Update
