- Abu Dhabi Will Aid Debt-Fraught Dubai 'Case by Case'
- Banks With The Biggest Exposure to The UAE
- Dubai's Debt Woes Signal New Era for Creditors
- Next Week: Cash In Now Or Wait For A Santa Rally?
- Dubai Stock Selloff May Bring Buying Opportunity
- Longer Lines, Fuller Carts This Black Friday
- Big US Banks May Be Forced to Raise Capital: Bove
- Bank of America Amends Pay for Senior Executives
- Tiger Woods Out of Hospital After Accident
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
MOST SHARED
- Tiger Woods Out of Hospital After Accident
- The Good Entrepreneur Winner
- Gold Will Collapse Like Oil Did in 2008: Charts
- Abu Dhabi Will Aid Debt-Fraught Dubai 'Case by Case'
- Next Week: Cash In Now Or Wait For A Santa Rally?
- CNBC VIDEO: Warren Buffett & Bill Gates 'Walk & Talk' at Columbia University
- Halftime Report: Dubai - First Ripple Of Larger Crisis?
Text Size 
Stocks rebounded from a lower open Wednesday after a sharp jump in new-home sales.
New-home sales shot up 9.6 percent to a 433,000 annual pace in July, after a 9.1-percent increase in June. The number blew past economists' expectation for a 1.6-percent increase.
Homebuilder stocks soared, with Hovnanian [HOV
Loading...
()
] up more than 10 percent and Beazer Homes [BZH
Loading...
()
] up more than 5 percent.
This report came after a morning report showed mortgage applications jumped 7.5 percent and Tuesday's report that home prices rose 1.4 percent in June from May.
The morning's other big economic news was orders for durable goods, which are big-ticket items such as cars and appliances. Durable-goods orders posted their largest jump in two years but the rise was mainly fueled by the volatile transportation sector. Excluding transportation, orders rose 0.8 percent, just shy of the 0.9-percent expected.
Excluding transportation goods, orders rose 0.8 percent. That was the third straight increase, but just below analysts' expectations of a 0.9 percent rise.
Across the pond, German business confidence jumped to its highest since last September, according to the Ifo business-climate index.
The morning began with news of Senator Ted Kennedy's death at age 77. Kennedy died after a long battle with a brain tumor, having served in the Senate since 1962, making him the third longest serving senator in history.
Kennedy was considered one of President Obama's major allies in his health-care reform initiative, and the President issued a statement saying he and First Lady Michelle Obama were "heartbroken" to learn of Kennedy's death.
Financials opened lower, including Bank of America [BAC
Loading...
()
] and Citigroup [C
Loading...
()
] and AIG [AIG
Loading...
()
].
Fannie Mae [FNM
Loading...
()
] and Freddie Mac [FRE
Loading...
()
] continued to rally.
In August's quiet trading, Bank of America, Citi, Fannie and Freddie have accounting for an extraordinary amount of volume, which traders have dubbed a "dash for trash."
At 10:30 am New York time, the Energy Department will be out with its weekly read on oil inventories.
The Treasury will auction $39 billion in 5-year notes with results available shortly after 1 pm New York time. The Treasury sold $42 billion in 2-year notes yesterday, which was met with mediocre demand, and will follow up tomorrow by selling $28 billion in 7-year notes.
Toyota [TM
Loading...
()
] will cut production in response to slumping sales, with cuts possibly reaching 700,000 vehicles, or about 7 percent of the company's global production capacity.
— Peter Schacknow contributed to this report.
Still to Come:
WEDNESDAY: Bailout executive-pay report; weekly crude inventories; five-year auction; Fed's Lockhart speaks
THURSDAY: 2nd reading on Q2 GDP; weekly jobless claims; Kansas City Fed report; Fed's Bullard speaks; seven-year auction; earnings from American Eagle, Toll Brothers and Dell
FRIDAY: Personal income and spending; consumer sentiment; Earnings from Tiffany
Send comments to .
- These four sectors will be the next to lead the market.
- Zhu Zhu Pets are this year's must-have toy, fetching $40 or more on eBay.
- From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
- It may be the most unusual guide to business you'll read.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
- "The Who" will be the halftime act for Super Bowl XLIV on Feb. 7 in Miami. Is the NFL behind the times?
Data is a real-time snapshot *Data is delayed at least 15 minutes