交易禪
把握市場趨勢；交易在當下；風險第一，盈利第二。
Home Sales, Durable Orders Point to Strength
By Bob Willis and Courtney Schlisserman
May 26 (Bloomberg) -- Purchases of new homes jumped inApril to a two-year high and orders for durable goods climbedthe most in three months, signaling the U.S. economystrengthened before the European debt crisis gathered force.
New-home sales increased 15 percent to an annual pace of504,000 last month, the highest level since May 2008, whilebookings for goods meant to last at least three years rose 2.9percent, the Commerce Department said today in Washington.
Stocks extended gains and Treasuries fell as the reportsindicated the world’s largest economy may withstand a slowdownin Europe. While corporate investment will help sustain the U.S.manufacturing resurgence, the housing market may require fasterjob growth after the expiration of the government’s homebuyertax credit.
“The recovery has made a successful transition into aself-sustaining economic expansion,” said Mark Zandi, chiefeconomist at Moody’s Economy.com in West Chester, Pennsylvania.“The economy has enough momentum, strength to digest reasonablygracefully what is going on in Europe.”
The Standard & Poor’s 500 Index increased 0.7 percent to1,081.87 at 11:40 a.m. in New York. The 10-year Treasury notedeclined, pushing the yield up to 3.22 percent from 3.16 percentlate yesterday.
Purchases of new homes jumped as buyers rushed to qualifyfor the government tax incentive. To receive the credit of asmuch as $8,000, contracts had to be signed by the end of April,meaning demand will probably wane in coming months. Transactionsmust close by June 30.
Mortgage Applications
Another report today from the Mortgage Bankers Associationshowed sales slowing this month. The Washington-based group’sindex of home-purchase applications fell for the third straightweek, to the lowest level since 1997.
Economists forecast new-home sales would rise to a 425,000annual rate in April, according to the median of 75 projectionsin a Bloomberg News survey. Estimates ranged from 370,000 to450,000. The March sales pace was revised up to 439,000 from apreviously reported 411,000.
The surge in purchases helped draw down inventory. Thesupply of homes at the current sales rate dropped to 5 months’worth, the lowest level since December 2005, from 6.2 months inMarch. There were 211,000 new houses on the market at the end ofApril, the fewest since 1968.
Median Price
The median price of a new home decreased to $198,400, thelowest level since December 2003. The jump in sales wasconcentrated in houses costing less than $300,000, perhapsreflecting demand from first-time buyers.
Home sales increased in three of four U.S. regions lastmonth, led by a 32 percent jump in the Midwest. Purchases in theNortheast were little changed.
The Commerce Department’s report on durable goods ordersshowed bookings excluding transportation equipment unexpectedlyfell 1 percent last month, coming off a revised 4.8 percentMarch jump that was the biggest in almost five years.
Economists forecast total goods orders would rise 1.3percent after no change in March, according to the median of 77projections in a Bloomberg survey. Estimates ranged from a dropof 1 percent to a gain of 6.4 percent.
Commercial aircraft orders, which are volatile, climbed 228percent after dropping 71 percent in March. Bookings for non-defense capital goods excluding aircraft, a proxy for futurebusiness investment, decreased 2.4 percent in April afterjumping 6.5 percent the prior month. Over the past three months,these orders climbed at a 22 percent annual pace, up from 15percent in March, signaling companies are planning to invest intheir plants.
Effect on Growth
Shipments of those items, used in calculating grossdomestic product, increased 0.2 percent after increasing 2.3percent in March.
General Electric Co. Chief Executive Officer Jeffrey Immeltsaid May 24 that Europe’s debt troubles can be fixed and they’renot enough to slow a global economic recovery.
“In Europe, I think this is going to be solvable; it’sgoing to mean slow growth,” for the region, Immelt said afterhis commencement address at Boston College. “I don’t think it’senough to slow the recovery, I really don’t.” He also said theU.S. economy is “very good and improving.”
