The stock indices kicked off the week with mixed moves, as the Dow Jones Industrial Average and S&P 500 Index ended in the red zone while the NASDAQ traded up to an all-time high. In the first of several housing data points released during the week, existing-home sales fell in June, though they are still up by 0.7% from year-ago levels. Indices traded into green territory on Tuesday, with the S&P 500 closing at a new record level. Existing-home price appreciation slowed slightly in the three months ending in May, when compared to the same period in April. In other economic releases, Consumer Confidence increased in July rising to 121.1, its highest level since March. Wednesday’s trading ended with gains and the Dow closing at a new record level. In housing news, new-home sales increased in June and are up 9.1% from June 2016. The Federal Open Market Committee concluded its two-day monetary policy meeting holding interest rates at their current levels, yet noting that normalization would start “relatively soon,” leaving many to speculate an announcement on the balance sheet will come in September. On Thursday, the advance figure for seasonally adjusted initial claims for unemployment insurance was released, showing an increase of 10,000 from the previous week’s revised level. The four-week moving average held steady at 244,000 for the week ending July 22. Like the beginning of the week, the market was mixed on Friday. The Dow traded to a new record high while both the S&P 500 and NASDAQ shed some points. Crude oil ticked up with West Texas Intermediate gaining 1.4% to settle at $49.71 a barrel. Additionally, The University of Michigan’s consumer sentiment index fell to 93.4 for July from 95.1 in June. The result exceeded an expected reading of 93.1.
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