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It's a hump day surprise! U.S. stocks are climbing based on better-than-expected data on home sales and durable goods. New home sales grew by 4.7% in February, thanks to low prices and mortgage rates; however home prices dropped 18%, between Feb. 2008 and Feb. 2009. A Credit Suisse economist said, "It’s a step in the right direction," but noted, "We still have a lot of supply to absorb before things get back to normal." And orders for durable goods rose 3.4%, the first uptick in seven months. Right now, the market is up about 2%.
Surprisingly Strong Home Sales, Durable Goods Data
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Ah, that's nonsense. Feb home sales are ALWAYS higher than January - look at the year over year date and it's still terrible.
Also, durable goods orders minus defense industry contracts was only 1.6% which is terrible. Seems the street may have figured these things out sometime around noon...