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July 23rd, 2020
Insight on Plan Design & Investment Strategy Every Weekday
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| Economic Events |
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Existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic, according to the National Association of Realtors. Each of the four major regions achieved month-over-month growth, with the West experiencing the greatest sales recovery. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 20.7% from May to a seasonally-adjusted annual rate of 4.72 million in June. Sales overall, however, dipped year-over-year, down 11.3% from a year ago (5.32 million in June 2019).
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| Market Mirror |
Wednesday, the Dow gained 165.44 points (0.62%) to finish at 27,005.84, the NASDAQ closed 25.76 points (0.24%) higher at 10,706.13, and the S&P 500 increased 18.72 points (0.57%) to 3,276.02. The Russell 2000 was up 2.63 points (0.18%) at 1,490.14, and the Wilshire 5000 climbed 172.00 points (0.52%) to 33,444.84.
The price of the 10-year Treasury note was up 1/32, decreasing its yield to 0.596%. The price of the 30-year Treasury bond increased 4/32, bringing its yield down to 1.297%.
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ON THIS DATE: In 1829, William Burt patented the typographer, which was the first typewriter. In 1885, Civil War hero and former president Ulysses S. Grant died of throat cancer. In 1904, the ice cream cone was invented by Charles E. Menches during the Louisiana Purchase Exposition in St. Louis, Missouri. In 1914, Austria-Hungary issued an ultimatum to Serbia following the killing of Archduke Francis Ferdinand by a Serb assassin. The dispute led to World War I. In 1962, the “Telstar” communications satellite sent the first live TV broadcast to Europe. In 1985, Commodore unveiled the personal computer Amiga 1000.
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