Personal Finance

Stock Market Today: Stocks Lose Steam After Dismal Housing Data

Some early Wednesday gains sparked hope that markets might just get a Santa Claus rally after all. Any optimism was quickly dashed, however, as the major market indexes turned lower in light trading after the latest housing data fanned fears of a potential recession in the new year.  

Looking at the economic data, the National Association of Realtors (opens in new tab) this morning said that pending home sales were down 4% month-over-month in November, marking their sixth straight decline. “The November level of pending homes sales plummeted close to pandemic lows as the housing market cools,” says Jeffrey Roach, chief economist at LPL Financial. “As a leading indicator for the residential real estate market, low pending home sales should inform investors that we have not likely seen the bottom.” 

Leave a Reply