Prices at Friday’s Closing:
DJIA – 18441.18 NASDAQ – 5166.47 S&P500 – 2175.32 GOLD – 136.40 OIL – 41.49 US 10-YR – 1.4531 EUR/USD – 0.0104 VIX – 11.98
Friday’s gross domestic product fell below expectations on Wall Street. The 1.2% growth rate, combined with a downward revision for the first 3 months of the year, produced an average growth rate of only 1% and fell below Wall Street’s forecast for 2.6%. Diane Swonk of DS Economics told CNBC “I really think the Fed is sidelined until the end of the year.”
According to Diana Olick of CNBC, ‘Pending home sales eked out 0.2% gain in June.’ Lawrence Yun, the NAR’s Chief Economist said that until inventory conditions markedly improve, far too many prospective buyers are likely to run into situations of either being priced out of the market or outbid on the very few properties available for sale. Housing inventory was almost 6% lower at the end of June compared to a year ago.