US Stocks soared yesterday, logging their best day in 87 years as investors bet U.S. lawmakers would deliver soon a stimulus bill to rescue the economy from the damage caused by the shutdowns.
Sales of newly constructed homes in the U.S. dipped 4.4% on a monthly basis in February to a seasonally adjusted annual rate of 765,000. January’s upwardly revised figure represented the highest pace of new-home sales since June 2007, marking a cycle high for the U.S. real-estate industry. The median sales price of new homes sold in January was $345,900. The inventory of new homes for sale dropped to 319,000, representing a 5.0 months’ supply and surpassing January as the lowest supply of new homes on the market since 2017. Economists all expect this to change dramatically in March as the housing numbers are grinding to a halt with the rest of the economy.
Shares of Nike are sharply higher after the company reported fiscal third-quarter sales that topped expectations and in-line earnings results, reflecting still-strong fundamentals through February even as the coronavirus outbreak generated a host of disruptions for the athletic-wear maker. While Nike’s brick and mortar retail sales were impacted by the temporary store closures, e-commerce sales helped stem sales declines, with digital sales leaping 30% in Greater China during the quarter. But overall, revenue from China dropped 4% during the quarter, snapping a 22-quarter streak of double-digit percentage growth.
From Northwest Quadrant Wealth Management, www.northwestquadrantwealth.com