Stock Market Today: Stocks Lose Steam After Dismal Housing Data

Some early-morning gains on Wednesday raised hopes that the markets might get a Santa rally after all. Any optimism was quickly dashed, however, as major market indexes edged lower in light trade after the latest housing data fueled fears of a possible recession in the new year.

Looking at the economic data, the National Association of Real Estate Brokers (opens in a new tab) this morning said pending home sales fell 4% month over month in November, marking their sixth straight decline. “November’s level of pending home sales fell near pandemic lows as the housing market cooled,” said Jeffrey Roach, chief economist at LPL Financial. “As a leading indicator for the residential real estate market, low pending home sales should inform investors that we likely haven’t seen the bottom.”


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