New Home Sales Sank; Mortgage Demand Hit a 14 Year Low

Financial News for the Week Ending April 26th

US stocks ended the week flat on mixed corporate earnings. The S&P 500 dropped 0.1% and the Dow fell 0.3%. Internationally, Europe was up 0.3%, while Japan was down 0.6%. Gold rebounded over $1,300 an ounce on fears over the Ukraine/Russia situation escalating and the 10 year Treasury yield sank to 2.67% to end the week.

ECB business activity expanded at the fastest pace since May of 2011 in April, but prices declined adding to deflation concerns.

New home sales sank 14.5% in March and mortgage demand plummeted in the first quarter hitting a 14 year low as a combination of higher prices and higher interest rates kept buyers and refinancings away.

SunTrust, Boeing, Facebook, Apple and Microsoft all posted 1Q earnings reports that topped expectations. On the downside GM, Amazon and Ford posted results that missed the mark.

Reposted from the Raffa Wealth Management Blog.

All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC

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