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by 6/15/2000 2:23 PM
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The National Association of Home Builders' index of sales of new, single family homes fell significantly in June to 58, down from 62 in May. The reading was the lowest since November 1997's figure of 57. A number above 50 represents more home builders who see "good" sales ahead versus those who see "poor" sales. The seasonally adjusted 58 reading signifies that although the home building market continues to show some strength, a much lower proportion of home builders see that trend continuing compared to the past couple of years. The lowered expectations are a result of higher mortgage rates and potential shortages in skilled labor. The slowdown may indicate that the rate hikes the Federal Reserve has implemented over the past nine months are beginning to affect the type of slowdown that could keep the economic expansion under control. <
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by 6/15/2000 2:19 PM
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The PHLX KBW Banking Index (BKX - 799.28) is down nearly five percent this afternoon. Weighing on the group is the fallout from this morning's profit warning from Wachovia (WB - 58-1/2). WB shares are down off their worst level of the day, but the equity still remains lower by almost 17 percent. The BKX's decline has taken it below the round-number 800 level; however, the index appears to have found support from its 10-week moving average. The BKX has only made one weekly close below its 10-week moving average since mid-March.
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by 6/15/2000 2:14 PM
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A consumer confidence poll released yesterday suggests that although consumers continue to be confident about their financial situations, they are less so than previous weeks. The poll's sponsor, a major monthly financial publication, said that overall consumer confidence fell to 26 from last week's reading of 29. According to the survey, positive sentiment toward buying rose one point to 50 percent. Confidence in personal finances fell to 65 percent from 68 percent the previous week. Sentiment toward the economy fell slightly from the previous week. The percentage of those polled who viewed the U.S. economy positively dropped to 74 percent from 76 percent. The drop was attributed to the sentiment surrounding recent data that shows a slowing economy.<
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by 6/15/2000 1:44 PM
Stocks quoted in this article:
Stocks have generally steadied themselves in early afternoon trading. The S&P 500 Index (SPX - 1477.79) is ahead by more than seven points. Currently on the NYSE, 1,342 advancing issues are trailing 1,462 decliners, while 485 issues are unchanged. Up volume of 304,408,260 shares has slipped past down volume of 298,428,730 shares. The 40 new highs are beating the 33 new lows. The Nasdaq Composite (COMP - 3830.2) has elevated by over 32 points this afternoon. Declining issues own a 2,152-to-1,605 advantage over advancers, and 640 issues have not changed. Up volume of 452,777,900 shares is pushing past down volume of 383,853,000 shares. News lows are leading new highs, 47 to 42.
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by 6/15/2000 1:40 PM
Stocks quoted in this article:
With the Nasdaq Composite (COMP - 3833.8) up 0.96 percent and the S&P 500 Index (SPX - 1479.38) up 0.60 percent today, 20 of the 35 sector indices are currently in positive territory. Among the indices we follow, two hit new annual highs this afternoon. Here are the top four performing indices today: the GSTI Hardware Index (GHA - 570.57), up 3.3 percent; the CBOE Computer Software Index (CWX - 1254.7), up 2.3 percent; the AMEX Computer Technology Index (XCI - 1515.8), up 2.3 percent; and the Morgan Stanley Healthcare Providers Index (RXH - 188.63), up 2.3 percent. The four indices showing the most weakness are the PHLX KBW Banking Index (BKX - 798.39), down 4.9 percent; the PHLX Oil Service Sector Index (OSX - 118.51), down 2.3 percent; the PHLX Gold and Silver Index (XAU - 60.17), down 2.2 percent; and the PHLX Forest and Paper Products Index (FPP - 276.63), down 1.9 percent.<
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