(As of 7:15 am PST)
Mixed housing data has stocks opening near the
unchanged line for the second straight day.
According to the closely followed S&P/Case-Shiller index, home
prices rose in April but the pace of growth was the slowest in more than a
year. Expanding inventories and dropping
affordability are putting the brakes on price appreciation, which may in turn
encourage more buyers to enter the market.
Another housing report showed sales of new homes rose in May at the
fastest rate in six years. A huge surge
in the Northeast region of the US led the increase. Just hitting the wires at 7 am PST was a
report on consumer confidence which showed confidence rising in May to the
highest level since January 2008. Stocks
saw a brief bounce from the consumer confidence report but are mostly etching
slight gains in the first hour of the session.
Gold and oil are flat while interest rates are down slightly. International
tensions are keeping a lid on gains and providing investors a good excuse to
take some profits.
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