The good news for the US economy came from the house price figures, showing not just rising demand but rising prices. New single-family homes rose 2.9% to a seasonally adjusted annual rate of 610,000 in May, the Commerce Department said
New-home sales rose 8.9% in May – a build up of 12.2% so far this year. But there were warnings that affordability issues might dampen the market later this year.
- Dow 21,395 -0.01%
- S&P 500 2,438 +0.16%
- Nasdaq 6,265 +0.46%
- Russell 2000 1,414 +0.73%
- NYSE Composite 11,712.52 +0.14%
- Gold 1,256.80 +0.59%
- Oil WTI $43.09 +0.82%
- 10-Year Yield 2.14% -0.07
Trump's woes continued
Donald Trump kept his Twitter feed positive despite a succession of negative news stories. Plane maker Boeing announced it was laying off 200 workers at the very South Carolina plant where Trump had spoken about saving American jobs.
To top that humiliation, businesses said they didn’t like his steel tariff proposals, fearing a backlash, and an opinion poll found Americans increasingly against Trump over his sacking of FBI director James Comey.
He insisted he would plough on with his heath reforms despite several Republicans joining with Democrats to vote against him.
Uber and Lyft
But Trump looked comfortable compared with Uber, which had to beg staff to remain with the company after founder and boss, Travis Kalanick, was forced out earlier in the week.
Upstart rival Lyft tried not to smile, sending an email to staff saying: “This isn’t a time to gloat.”
Bed Bath and Beyond led the downward charge after lacklustre Q1 earnings this week saw its price nosedive. It closed at $29.00, down from $33.74 before its Q1 results.
EQT’s price continued to rise following its Monday takeover bid for Rice Energy. The energy sector as a whole was credited with pushing the S&P up. Only the Dow was marginally down overall.
Meanwhile oil recovered slightly but not enough to make up for the rest of the week’s decline.
The dollar was up against the euro (0.45%) and the pound (0.33%) but marginally down against the yen (0.03%)