Stocks pulled back today breaking the 3 session winning streak. Down gave up -.52%, while Russell 200, which had broken through the top of a month long trading range yesterday, gave it all back, losing -1.02%. Declining stocks led over by 2 to 1 on both NYSE and NASDAQ.
Builders broke ground on 698,000 homes at an annual rate, but the numbers came 1.1% below January’s 706K new constructiuon. This was not the biggest concern. Slowing Chinese economy took toll on stocks. Equities around the world were hit. The worst performers were Industrial and commodity shares as China raised fuel prices by the most in two years. BHP Billiton Ltd reported that the iron ore consumtion of 2nd largest economy had slipped.
On the brighter side Tech bell weather Oracle beat estimates after close.
Good Reads –
Housing Recovery (BL)
China, India may face sanctions (RUE)
Oracle beats (MW)
Saudi Pledges more Oil (BL)
And finally the Day Ahead