Stocks rise…Economic growth slows…Mortgage rates tick up…Pending home sales slide
NEW YORK (AP) – Stocks are broadly higher in early trading on Wall Street, adding to yesterday’s solid gains. Technology, financial and communications services stocks are all higher. Retailers are also doing well. In another sign that investors are feeling more optimistic, demand for U.S. government bonds showed signs of waning after surging in recent weeks amid recession worries. Bond prices fell, sending the yield on the 10-year Treasury up to 1.51%.
WASHINGTON (AP) – The Commerce Department reports that the gross domestic product, the country’s broadest measure of economic health, advanced at a moderate 2% annual rate in the April-June quarter. That’s down from a 3.1% gain in the first quarter. The new estimate is lower than the government’s initial estimate a month ago of 2.1% annual growth
WASHINGTON (AP) – Long-term mortgage rates have ticked up slightly this week, yet they remain near historic lows. Mortgage buyer Freddie Mac says the average rate on the 30-year loan rose to 3.58% from 3.55% last week. A year ago the average rate was 4.52%. The average mortgage rate for 15-year, fixed-rate home loans rose to 3.06%, up from 3.03% last week.
WASHINGTON (AP) – Fewer Americans signed contracts to buy homes in July, signaling that the housing market has yet to enjoy a strong bounce from lower mortgage rates. The National Association of Realtors says its pending home sales index fell 2.5% to 105.6 in July. Pending home sales have slipped 0.3% from a year ago. Pending sales are a measure of home purchases that are usually completed a month or two later.
WASHINGTON (AP) – The Trump administration is expected to further ease oversight of the oil and gas industry’s emissions of climate-changing greenhouse gases. Oil industry and environmental groups say they expect the Environmental Protection Agency to release a proposal as soon as today that would roll back requirements on detecting and plugging methane leaks at oil and gas facilities. The move would be the latest in a series by the Trump administration easing emissions controls on the oil, gas and coal industries.