Ups and Downs

Surprising news was released this week that the number of new homes sold across the country declined last month after a long march upward culminated in a seven-year-high this February.  Along with a decrease in the number of units, the median sale price of a new home sold in March also decreased, down 1.7% to $277,400.

Despite the small correction in the new construction arena, the American manufacturing industry seems to be thriving.  Durable Goods Orders for machinery and other tangible supplies rose 4% last month, a gain of 8X more than the expected advance.

In other sector news, the tech-laden Nasdaq yesterday ascended above 5,000 for the first time ever yesterday.  Unlike the Dow which has had some 100 all-time-record-high closing days in the last two years, yesterday’s Nasdaq feat was the first in 15 years.