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23-Apr2019

US markets end mostly in green on Monday

The US markets ended mostly in green on Monday as investors face a big week for corporate quarterly results and economic data following an extended holiday weekend. Coca-Cola (KO), Procter & Gamble (PG), Boeing (BA), Facebook (FB), Microsoft (MSFT), Amazon (AMZN), Intel (INTC), and Exxon Mobil (XOM) are just a few of the companies due to report their quarterly results this week. Investors were also monitoring a jump in crude-oil prices as the US said it would end waivers for countries that import Iranian crude. On the economic front, a report released by the National Association of Realtors (NAR) showed a significant pullback in US existing home sales in the month of March. NAR said existing home sales plunged by 4.9% to an annual rate of 5.21 million in March after soaring by 11.2% to a revised rate of 5.48 million in February. Street had expected existing home sales to tumble by 3.8% to a rate of 5.30 million from the 5.51 million originally reported for the previous month.

The bigger than expected pullback came after existing home sales reached their highest level in almost a year in February. With the monthly drop, existing home sales in March were down by 5.4% compared to 5.51 million in the same month a year ago. The report said the median existing home price in March was $259,400, up 3.7% from $250,100 in February and up 3.8% from $249,800 in March of 2018. Total housing inventory increased to 1.68 million existing homes available for sale at the end of March, representing 3.9 months of supply at the current sales pace.

Nasdaq gained 17.20 points or 0.22 percent to 8015.27 and S&P 500 was up by 2.94 points or 0.10 percent to 2907.97, while Dow Jones Industrial Average declined 48.49 points or 0.18 percent to 26511.05.


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