Stocks Stay Strong Despite Weak Housing Data
September 27, 2007 at 12:21 pm · Category: Federal Reserve, Foreign Exchange, Gold, Market Commentary
The stock market is certainly acting well.
This morning KB Homes (KBH) announced another ugly quarter.
New home sales were down 21% from last August and the median price was 7.5% lower.
The S&P is up 6 points to 1531 and the Dow 25 to 13904.
Also, the Fed injected $38 billion into the banking system through overnight repurchase agreements.Â
This has resulted in a $5 up day for gold and the euro trading strongly against the dollar up towards $1.42 $/euro at one point today.
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