Existing-home sales rebounded in May, recording an increase in sales for the first time in two months, according to the National Association of Realtors. Each of the four major U.S. regions saw a growth in sales, with the Northeast experiencing the biggest surge last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 2.5% from April to a seasonally adjusted annual rate of 5.34 million in May. Total sales, however, are down 1.1% from a year ago (5.40 million in May 2018).

THE ECONOMIC WEEK AHEAD: Tomorrow, the Conference Board will release its Consumer Confidence Index for June, and the Census Bureau will report about new home sales for May. Wednesday, the Census Bureau will report about durable goods orders for May. Thursday, the Labor Department will issue its initial claims report.

Friday, the Dow decreased 34.04 points (0.13%) to 26,719.13, the NASDAQ closed 19.63 points (0.24%) lower at 8,031.71, and the S&P 500 was down 3.72 points (0.13%) at 2,950.46. The Russell 2000 fell 13.87 points (0.89%) to 1,549.63, and the Wilshire 5000 lost 72.72 points (0.24%) to finish at 30,321.89.

The price of the 10-year Treasury note decreased 25/32, bringing its yield up to 2.063%. The price of the 30-year Treasury bond fell 1 23/32, increasing its yield to 2.588%.

WEEK’S WORTH: For the week ending June 21, the Dow gained 2.41%, the NASDAQ climbed 3.01%, and the S&P 500 finished 2.20% higher. The Russell 2000 was up 1.78%, and the Wilshire 5000 increased 2.15%.

ON THIS DATE: In 1664, New Jersey, named after the Isle of Jersey, was founded. In 1844, Charles Goodyear was granted U.S. patent #3,633 for vulcanized rubber. In 1896, Booker T. Washington became the first African American to receive an honorary MA degree from Howard University. In 1922, the American Professional Football Association took the name of The National Football League. In 1948, the Soviet Union began the Berlin Blockade. In 1971, the National Basketball Association modified its four-year eligibility rule to allow for collegiate hardship cases. In 1982, the U.S. Supreme Court ruled 5-4 that no president could be sued for damages connected with actions taken while serving as President of the United States. In 1986, the Empire State Building was designated a National Historic Landmark. In 1997, the U.S. Air Force released a report titled “The Roswell Report, Case Closed” that dismissed the claims that an alien spacecraft had crashed in Roswell, New Mexico, in 1947. In 2002, the U.S. Supreme Court ruled that juries, not judges, must make the decision to give a convicted killer the death penalty.