Home Prices and Durable Goods Orders on the Rise; S&P Nears Record
Mixed economic reports were released on Tuesday, causing the US indices to edge up towards the end of the day. The Dow finished at a new record high of 14,559.65. Positive news came from the housing and manufacturing industries, with a rise in average prices for new homes and a 5.7% boost in durable goods orders for the month of February. Consumer confidence on the other hand fell more than was expected in March, mostly due to recent concerns of US budget cuts. Gainers for the day included Netflix (NFLX) who saw shares rise after its price target was increased and Monsanto Co. (MON) who rallied after announcing its resolution with DuPont Co. (DD) over their legal battle.Best Buy (BBY) fell on pessimistic comments from investors about the company's future performance. Worries over Cyprus and the recent bailout deal caused the euro to swing between losses and gains and pushed Treasurys higher in the US on Tuesday.
Word on the Street
- Both the housing and manufacturing industries see gains that point to a resilient economy.
- Consumer confidence in the US drops and causes Treasurys to edge higher on Cyprus worries.
- Monsanto (MON) and DuPont (DD) settle their legal battle over technology rights.
- Energy stocks like Valero (VLO) rise on Tuesday on recent economic reports.
- Egypt rattles investors after announcing a new capital markets tax as part of its bank takeover.
- Wal-Mart (WMT) to set up in-store lockers in stores for online orders.
- Global Macro Woes Ground FedEx (FDX).
- Post-bailout Cyprus reels from news of how accounts will be affected in the near future.
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Published on Mar 26, 2013By InvestorGuide Staff