Posted by Jack
24 July 0835 a.m.: Just in…. Adding to pressure on stocks and the dollar, the National Association of Realtors said resales of U.S. single-family homes and condos fell 2.6% in June to a seasonally adjusted annual rate of 4.86 million, the lowest level in 10 years. Economists surveyed by MarketWatch expected sales to fall to 4.95 million. Other data from the government showed a large rise in first-time jobless claims, which jumped 34,000 to 406,000 in the week ended July 19.
Thursday’s currency trading looks like a contest of which currency has the worst economic fundamentals, as the euro, sterling and kiwi are all falling against the U.S. dollar and the Japanese yen due to fresh evidence of deteriorating economic data.
Shares of Washington Mutual Inc. were among the hardest hit of bank stocks, with shares of the nation’s largest thrift recently down 15.1%. The Seattle-based company, which late Tuesday reported a loss of $3.33 billion, is now down 32% so far this week. Bank of America was down over 5% by mid-day trading.
Shares of home builders fell in the wake of the data, with shares of Pulte Homes Inc. down after the builder reported a quarterly loss of $158.4 million.
Automakers took a big hit today with slumping sales and more layoffs expected. GM wad off over 7% and Ford was down over 13%! These are monumental swings in value and a clear indication of worse to come.