NEW YORK (AP) -- An unexpected drop in sales of new homes last month stalled a three-day rally on the stock market, leaving indexes narrowly mixed.
Stocks started out modestly higher early Wednesday after a report showing growth in consumer spending last month, but went into retreat at midmorning after the Commerce Department said sales of new homes plunged 11.3 percent in November to their lowest level since March.
The slump in new home sales was disappointing for two reasons -- economists had forecast an increase, and the news came a day after stocks snapped higher on a separate report showing a better-than-expected gain in sales of existing homes last month.
GEE what a surprise, and the 3.5 GDP that was barely 2.2 if that....so what is the March rally built upon???
"castels made of and slip into the sea.....eventually" jimi hendrix
Duratek
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