The broad indexes ended with slight gains, after the National Association of Realtors reported that its pending home sales index rose by a smaller-than-expected 0.3% in September after falling 2.6% in August amid a decline in the Midwest by 5.8%. The consensus expectation among economists was for pending new home sales to rise 2.1% in September, according to Briefing.com. NAR chief economist Lawrence Yun said that "home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow range," meaning that "only minor movement is likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013."
The Labor Department reported Thursday that initial jobless claims in the week ended Oct. 20 totaled 369,000, declining by 23,000 from the previous week's upwardly revised figure of 392,000. The four-week moving average was 368,000, an increase of 1,500 from the previous week's revised average of 366,500. Continuing unemployment claims for the week ended Oct. 13 were 3.254 million, a decrease of 2,000 from the prior week's upwardly revised level of 3.256 million.
Deutsche Bank analyst David Bianco wrote Thursday morning that following the broad market declines on Tuesday and Wednesday, investors were at "a fair S&P 500 (SPX.X) entry point.""Third quarter global deceleration has brought the worst earnings season since the recession," Bianco said, although "sales growth is actually respectable, given
Bank of America
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV