U.S. stocks had a turbulent day, but ultimately ended on the low side, with the Nasdaq falling 1 percent by the time markets closed. The housing market did bring some good news though, as the latest reports have shown a 10.9 percent increase in home prices in the first quarter, along with a decline in the number of underwater homes.
Gold: +0.70% to $1,386.60 per ounce Oil: +0.50% to $95.86 per barrel U.S. 10-Year: +1.59 to 2.23%
Rising Home Prices Save Underwater Borrowers: A variety of indicators confirm that the U.S. housing market continued to show signs of improvement in the first quarter of 2013. The latest reading from the Standard & Poor’s/Case-Shiller index showed a 10.9 percent jump in home prices in the year to March. The national composite rose by 10.2 percent over the last four quarters, and all 20 cities posted positive year-over-year growth… (Read more.)
The News Gets More Troublesome for Crude Oil: Crude oil prices are facing tough economic headwinds. Several recent economic reports have shown that not only is demand for the fuel expected to remain low this year, but supplies of crude oil in the United States are well above the upper limit of the five-year range for this time of the year… (Read more.)
Greek Tragedy: Nation Gets First Ever Emerging-Market Demotion: More bad news for Greece this week, as MSCI Inc. (NYSE:MSCI) has made it the first ever country to be downgraded to emerging-market status. The news comes amidst of a variety of factors, chief of which is Greece’s failure to meet criteria regarding securities borrowing and lending facilities, short selling and transferability, according to MSCI… (Read more.)