Stock market today: Stocks lose steam on dismal housing data – Kiplinger’s Personal Finance

Stock market today: Stocks lose steam on dismal housing data - Kiplinger's Personal Finance

Some early gains on Wednesday raised hopes that markets might still have a Santa Claus rally after all. However, any optimism was quickly dashed as major market indices fell in light trading after the latest housing data fueled fears of a potential recession in the new year.

Looking at the economic data, the National Association of Brokers (opens in new tab) said this morning that pending home sales fell 4% month on month in November, marking their sixth consecutive decline. “The level of home sales ahead of November plummeted near pandemic lows as the housing market cools,” said Jeffrey Roach, chief economist at LPL Financial. “As a leading indicator for the residential real estate market, the low home sales in anticipation should inform investors that we probably haven’t seen the bottom yet.”

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