The National Association of Realtors (NAR) released the July results for the Pending Home Sales Index today. Thanks to contracts for home sales signed in July, the index rose 5.2 percent. The chief economist for the NAR said that home sales will still be “soft” in the coming months. This data does indicate that the economy might not be headed for the dreaded double dip. To see the full press release or visit the index, click here.
Back to school clothing and supply sales seemed to bring retailers some additional income this summer and as a result, Costco Wholesale Corp (NASDAQ: COST), JC Penney Co Inc (NYSE: JCP) and Macy’s Inc (NYSE: M) all reported increased sales in August.
The Labor Department reported a second consecutive weekly reduction in unemployment claims for the week ending August 28th, 2010. To see the full report, visit their website.
This news kept investors in a positive mood and the Dow Jones Industrial Average rose 50.63 points to 10,320.10 while the Nasdaq rose 23.17 points to 2,200.01. The S&P 500 climbed 9.81 points to 1,090.10.
European markets were mixed today while Asian markets were up.
Stocks in the news: Hewlett-Packard Co (NYSE: HPQ), Dell Inc (NASDAQ: DELL).
