Daily analysis reports
Summary
The increases in sales came as the National Association of Realtors' index for pending sales of used homes increased 5.2% to 79.4. The report represents a surprising change after the index fell two months in a row following the April 30 expiration of a tax credit for buyers. Economists had expected a 1% drop. Jobless claims fell by 6,000 to 472,000 in the week ended Aug. 28, the Labor Department said. New claims for the previous week, ended Aug. 21, were revised upward to 478,000 from 473,000. Economists surveyed had predicted filings would decline by 3,000. This strong robust economic data combined with yesterday’s better than expected ISM data and Chinese PMI, pushed Oil prices higher for a second day. Crude is poised to test the 76-resistance level.
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