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Surprisingly Strong Home Sales, Durable Goods Data
By
Jen Chung
Published Mar 25, 2009
Modified Mar 25, 2009
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By
Jen Chung
Published Mar 25, 2009
Modified Mar 25, 2009
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It's a hump day surprise! U.S. stocks are climbing based on better-than-expected data on home sales and durable goods. New home sales grew by 4.7% in February, thanks to low prices and mortgage rates; however home prices dropped 18%, between Feb. 2008 and Feb. 2009. A Credit Suisse economist said, "It’s a step in the right direction," but noted, "We still have a lot of supply to absorb before things get back to normal." And orders for durable goods rose 3.4%, the first uptick in seven months. Right now, the market is up about 2%.
Tagged
durable goods
home sales
recession
stock market
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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