WASHINGTON - Sales of new homes in the United States fell to a 13-year low in February, dropping 1.3% to a seasonally adjusted annual rate of 590,000, the Commerce Department estimated Wednesday. Sales have fallen four months in a row and are off about 30% in the past year. The number of homes on the market dropped by 2.1% to 471,000, the lowest since July 2005, an indication that builders are trying to work off their bloated inventories of unsold homes. The inventory represented a 9.8-month supply at the February sales rate, unchanged from January and the highest since 1981. The median sales price fell 2.7% in the past year to $244,100. [more]
I was unable to get in on Visa's IPO because E*Trade Canada wasn't taking part in it, and I still haven't been able to get in on its trading through E*Trade Canada thus far. Apparently, it's up at least 48% in the first hour of trading. [more]
Excellent link from the Wall Street Journal: [more]
From today's New York Times: [more]
(As someone who was planning on putting real money into Visa, this sure might take the wind out of that stock's (and Mastercard's) sails.) [more]
Ruth Mantell MarketWatch
WASHINGTON -- Who else but the government would shell out almost two cents for a penny? [more]
This is why I'm not concerned about my current CAPS scores on all of my mortgage companies and home builders: [more]
Matt Egan FOXBusiness
The Fed acted today in a creative, coordinated effort aimed at thawing the ongoing credit freeze that ails the economy -- a move that was greeted with a great amount of enthusiasm on Wall Street. The market closed with its best single-day point gain since Oct. 2002, as the financials led a huge 416-point surge on the Dow.
The Dow Jones Industrial Average rose 416.66 points, or 3.55% to 12156.81, the Standard & Poor’s 500 index soared 47.28 points, or 3.71% to 1320.65 and the Nasdaq Composite Index rose 86.42 points, or 3.98%, to 2255.76. The consumer-friendly Fox 50 picked up 34.31 points, or 3.81%, to 935.70.
Even before the Federal Reserve's new plan to pump $200 billion into the financial markets was revealed this morning, the market appeared poised for a bounce back. Few could have anticipated the move would have been this big, however. The bears have dominated the tug-of-war in recent days, as the Dow had lost more than 900 points in an eight-day span.
The sector that buried Wall Street during yesterday's sell-off, the financials, led the way higher today. Citigroup (C: 21.49, +1.80, +9.14%) and American Express (AXP: 43.83, +3.79, +9.46%) posted huge gains of 9% each and Bank of America (BAC: 37.72, +2.41, +6.82%) jumped nearly 7%. Mortgage banks, which have been hammered in recent days, saw big gains, with Thornburg Mortgage (TMA: 1.56, +0.85, +119.71%) and Indymac Bancorp (IMB: 5.78, +1.08, +22.97%) soaring. [more]
Thursday, Mar. 6 2008 [more]
Warren Buffett is the richest man on the planet. [more]