The Old Titans All Collapsed. Is the U.S. Next?
Back in August, during the panic over mortgages, Alan Greenspan offered reassurance to an anxious public. The current turmoil, the former Federal Reserve Board chairman said, strongly resembled brief financial scares such as the Russian debt crisis of 1998 or the U.S. stock market crash of 1987. Not to worry.
U.S. stocks dip further as inventories of unsold homes surge
NEW YORK (MarketWatch) — U.S. stocks saw their losses accelerate Friday morning, after a report showed the housing market weakened further in April, with inventories of unsold homes rising to a 23-year high. The Dow Jones Industrial Average dipped 78 points, or 0.6%, to 12,547, with 25 of its 30 components in the red. The S&P 500 index lost 9 points, or 0.7%, to 1,384, while the Nasdaq Composite fell 12 points, or 0.6%, to 2,450. The National Association of Realtors reported that resales of U.S. houses and condos dropped 1% to a seasonally adjusted annualized rate of 4.89 million from 4.94 million in March. Economists expected sales to fall to 4.83 million. But the inventory of unsold homes jumped 10.5% to 4.55 million, an “uncomfortably high” level, said Lawrence Yun, chief economist for the real estate trade group.
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Corporate Finance/Investor Relations & M&A Manager, £55,000 - £70,000 + Benefits - Central London, UK
Hays plc is the leading global specialist recruitment group, with revenues of over £2bn. It is the market leader in the UK and Australia and one of the market leaders in Continental Europe. Employing over 8,000 staff working from 391 offices in 26 countries across 17 specialisms, the Group is listed on the London Stock Exchange with a market capitalisation of £1.5 billion. The …
james :: May.26.2008 ::
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