Online Stock Trading - Futures Weak on Poor Housing Report
Stock Market News
After early gains U.S. futures turned lower after bleak housing reports and the markets have opened lower.Manus Cranny, of MF Global in London, said the housing market pre-market reports will have a major impact on Tuesday trading.
Stocks soared yesterday on upbeat views on the economy, but hey that was yesterday ! So upbeat views are now downbeat views, or so we are led to believe.
The Dow, Nasdaq and S&P all rose 3%, due to the upbeat outlook from Lowe's and Goldman Sachs' upgrade of BoA.
The Commerce Department announced declines in April for building permits and housing starts.
Building permits fell 3% to 494,000 in April, from March's revised rate of 511,000. That represents a 50% fall from last year's rate of 991,000.
April housing starts fell almost 13% to 458,000, from March's revised rate of 525,000. i.e. a 54% drop from last year's rate of 1 million.
Home Depot reported quarterly earnings above expectations with operating income of 35 cents per share, against an expected 29 cents.
Credit card company American Express announced it cut 4,000 jobs, or 6% of its workforce.
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