The Dow Jones Industrial Average dropped 70 points Friday on what turned out to be a bad day all around for stocks. The S&P 500 fell nearly 3% for the week, while the NASDAQ decreased more than 2%.
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Jobless Claims fell a very surprising 19,000 last week to much lower-than-expected level of 284,000.
New home sales, which surged in May, rose 4 points in July and is at its best level since January.
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Despite mortgage rates that rose just slightly, mortgage applications for home purchases jumped 4% following a run of soft showings.
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Pending Home Sales jumped a very strong 6.1%. All regions showed solid gains in this area, but were led by the Northeast, which has proven to be the strongest region for existing home sales.
The S&P 500 and the Dow Jones Industrial Average both closed at record highs Friday. Read on to find out more.
Demand for both purchase and refinancing applications increased significantly last week. Purchase applications rose 9.0%, while refinance applications jumped 11.0%.