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

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.

Posted by Greg Feirman  ·  Trackback URL  ·  Link

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