Home Sales Surge, Stocks Rally, Oil Down Steep

  • January 27, 2009
  • Dave Goodboy

Bargain hunters taking advantage of dirt cheap housing prices pushed the Home Sales numbers to their most aggressive monthly gain since 2002. Strong earnings from multiple companies triggered a nice across the board rally in the stock market. However, weak Consumer Confidence figures pushed oil prices down steeply. The DJIA rallied +58.70 to 8174.73, the tech heavy Nasdaq pushed ahead +15.44 to 1504.90 and the broad based market barometer S&P 500 added +9.14 to 845.71.

U.S. Steel
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Netflix
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Zions Bancorp
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Delta Airlines
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Oil dropped steeply $4.15 to $41.91, gold fell $9.30 to $901.40 and the fear index VIX dipped 7.53% to 42.25.

Market Snapshot

Dow

 +58.70 8174.73

NASDAQ

 +15.44 1504.90

S&P 500

 +9.14 845.71

Economic
News

Existing Home Sales (Dec): Consensus: 4.40M, Prior: 4.49M

Leading Indicators (Dec): Consensus: -0.3%, Prior: -0.4%

Consumer Confidence (Jan): Consensus: 38.0, Prior: 38.0

S&P/CaseShiller Composite (Nov): Consensus: NA, Prior: -18.04%

Crude Inventories (Jan. 23): Consensus: NA, Prior: 6.1 min

FOMC Rate Decision (Jan. 28): Consensus: NA, Prior: 0-0.25

Durable Orders (Dec): Consensus: -1.8%, Prior: -1.5%

Initial Claims (Jan. 24): Consensus: 575K, Prior: 589K

New Home Sales (Dec): Consensus: 400K, Prior: 407K

Chain Deflator-Adv. (Q4): Consensus: 0.6%, Prior: 3.9%

GDP-Adv. (Q4): Consensus: -5.4%, Prior: -0.5%

Chicago PMI (Jan): Consensus: 34.0, Prior: 34.1

Mich Sentiment-Rev (Jan): Consensus: 61.9, Prior: 61.9

Employment Cost Index (Q4): Consensus: 0.7%, Prior: 0.7%