The US markets ended mostly in green on Wednesday, supported by deal-making activity and potentially improving trade relations between the U.S. and the European Union and traders largely shrugged off concerns about a trade war been the U.S. and China that contributed to weakness on Tuesday. However gains remain capped on report that the U.S. current-account deficit, a measures of the nation’s debt to other countries, rose 6.9% in the first quarter mostly because of a wider trade gap in goods. Meanwhile, the National Association of Realtors (NAR) released report that showed an unexpected decrease in existing home sales in the month of May. NAR said existing home sales fell by 0.4 percent to an annual rate of 5.43 million in May after plunging by 2.7 percent to a downwardly revised 5.45 million in April. The street had expected existing home sales to climb to an annual rate of 5.52 million from the 5.46 million originally reported for the previous month. Incredibly low supply continues to be the primary impediment to more sales, but there's no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market.
Further, NAR stated that incredibly low supply continues to be the primary impediment to more sales, but there's no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market. The report said the median existing home price was at an all-time high of $264,800 in May, up 2.7 percent from $257,900 in April and up 4.9 percent from $252,500 in the same month a year ago.
The S&P 500 was up by 4.73 points or 0.17% to 2767.32 and the Nasdaq gained 55.93 points or 0.72 percent to 7781.52, while The Dow Jones Industrial Average declined 42.41points or 0.17 percent to 24657.80.
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