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Markets Retreat on Thursday; Home Sales Rise in August (TSLA, ORCL)

By: , dated September 19th, 2013
After yesterday’s news from the Fed, markets stalled slightly on Thursday and ended mostly lower. Investors are still taking in the announcement as well as several reports of economic data released today. It was reported that jobless claims edged higher last week by about 15,000, but remained below the expected number. Home sales in the US rose surprisingly to the highest level in over six years – a climb of 1.7% brings purchases to a 5.48 million annual rate. In corporate news, Rite Aid (RAD) soared over 20% after raising its profit outlook while ConAgra (CAG) slid 4% by falling short of income expectations. Tesla Motors (TSLA) hit a record at one point today after its price target was increased by Deutsche Bank. Even though September is typically a bad month for markets, stocks are heading towards what could be the best month in a couple of years.

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