The Census Bureau released its new residential construction data from September today. While building permits for privately-owned homes were down 10.9 percent compared to September of 2009, they were up from August 2010. Single-family housing starts were up 4.4 percent and single-family completions were up 4.8 percent from the previous month. So although numbers improved in September, they were generally worse than during the same period of 2009 (you can access the full report here).
In what seems like an effort to curb growth, China’s Central Bank announced that it would raise its key lending and savings deposit rate. Since much of the global economic recovery hinges on China’s continued growth, European markets were down after this news. Asian markets were up.
Between concerns about bank foreclosure processes (and possible penalties to be imposed), disappointing quarterly financial results, housing market woes and China’s interest rate news, U.S. investors began the day with a downturn and even Apple Inc’s (NASDAQ: AAPL) fourth quarter net profit of $4.31 billion couldn’t revive their spirits. As a result, the Dow Jones Industrial Average fell sharply, dropping 165.07 points to 10,978.62. The Nasdaq dropped 43.71 points to 2,436.95 and the S&P 500 lost 18.81 points to 1,165.90.
Stocks in the news: Johnson & Johnson (NYSE: JNJ), Harley-Davidson Inc (NYSE: HOG), Coca-Cola Enterprises Inc (NYSE: CCE), The Goldman Sachs Group Incorporated (NYSE: GS).
