Existing home sales unexpectedly rose 2.9% in February to an annual rate of 5.03 million units, above the estimate of a 0.8% decline to 4.85 million units. The decline in sales of existing homes has moderated significantly in recent months, raising hopes that a bottom in residential housing may be at hand. More from Bloomberg...
The Dow Jones Industrial Average rose 187 points (1.5%) to close at 12,549, the S&P 500 Index increased 20 points (1.5%) to 1,350, and the Nasdaq Composite advanced 69 points (3.0%) to 2,327. Crude oil fell $0.98 to $100.86 per barrel, and gold ended down $6.50 to $913.50 per ounce.
Magnificent Seven Update
Quote for the Day : Capital as such is not evil; it is its wrong use that is evil. Capital in some form or other will always be needed. -- Mahatma Gandhi 1869–1948
