Market indices closed Monday with mixed results; however, movement was relatively flat, likely a result of light trading. The Dow Jones Industrial Average and S&P 500 ended marginally lower while the NASDAQ added fractional gains. Trading was choppy throughout the day, including a dip in crude oil, causing Energy brands to sell off on the news. The markets closed well into red territory on Tuesday. Financial brands led the selloff, while Basic Materials stocks declined as well. Indices closed mixed on Wednesday, with the Dow shedding some points and the S&P 500 and NASDAQ eking out slight gains on a variety of economic news. Existing home sales dipped in February, as the National Association of Realtors data showed sales decreased by 3.7% to an annual rate of 5.48 million, versus an expected rate of 5.57 million. Crude oil prices slipped again following news of a greater-than-expected jump in inventories. Reserves increased by five million barrels over the last week, twice the anticipated amount. Indices found themselves in the red zone again on Thursday with stocks declining amid a voting delay on the repeal and replace health care bill. In housing news, new home sales jumped to a seven-month high in February. Commerce Department figures showed sales of newly built houses climbed by 6.1% last month to an annual rate of 592,000. The results exceeded estimates of 571,000. Department of Labor data showed initial jobless claims increased by 15,000 to 258,000, versus expectations of claims dipping to 240,000. Mixed results were on deck Friday as stocks rebounded slightly following news the GOP pulled the health care reform bill. In economic releases, durable goods orders for February were stronger than expected. Census Bureau data showed orders for goods designed to last several years climbed 1.7% last month, down from 2.3% growth in January but beyond estimates of 1.5% growth. Core goods orders slipped 0.1%, versus an anticipated increase of 0.5%.
