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[Mr. Aktie]

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U.S. home sales fall
10:07 a ET
New home sales fell 5.8 percent in April, the government reported Wednesday, a much bigger decline than Wall Street economists had forecast. Separately, the index of leading indicators, meant to forecast the economy`s performance in coming months, fell 0.1 percent versus forecasts for a slight rise

Quelle: www.cnnfn.com

[Mr. Aktie]

Genauere Angaben:New home sales fall 5.8%
Rising rates prompt bigger-than- expected drop in April; leading indicators off
May 31, 2000: 10:27 a.m. ET


NEW YORK (CNNfn) - New home sales fell 5.8 percent in April, a steeper slide than expected, as higher mortgage rates have put the brakes on home buying.

The Department of Commerce reported that sales fell to a seasonally adjusted annual sales rate of 909,000 in April.

A survey by Briefing.com forecast that annual sales would fall to an annual rate of 940,000 in April from the 966,000 reported for March.

The drop, the biggest since last September, cheered bond and stock markets early Wednesday as investors were hopeful that the sign of a slowing economy would lessen future interest rate hikes by the Federal Reserve. The 30-year bond rose almost a full a point, sending its yield, which moves in the opposite direction, down to 6.03 percent from 6.09 percent late Tuesday. The 10-year bond, now seen as a benchmark by many investors, rose 16/32 of a point and its yield fell to 6.31 percent from 6.36 percent late Tuesday.

Both the Nasdaq composite index and the Dow Jones industrial average, which had been in negative territory early in the morning, turned up shortly after the announcement.

Separately, the Conference Board reported that its index of leading economic indicators fell 0.1 percent, as opposed to a forecast of a 0.1 percent rise for the period. The measure is designed to gauge economic activity six months in the future.