A strong rise in new home sales and an even stronger jump in home prices capped off yet another good month for the housing market. But a return to normal conditions is likely to take several years.
One year after the disastrous Facebook IPO, the company is making strides in mobile ad revenue, but its stock price is still far below its original IPO price. Also this week: Consumer sentiment hits six-year high; retail sales rise unexpectedly; and the world has a new (old) richest person.
The IRS is under fire for the extra scrutiny its workers gave to 'Tea Party' and 'Patriot' groups' applications for tax-exempt status. Plus, the Dow hit a milestone, jobless claims continued to drop, and other news from around the US economy this week.
With the Dow Jones Industrial Average hitting the 15000 milestone and economic signals flashing continued growth, the case for bull market optimists looks stronger. But there are reasons to be cautious about a retrenchment of the Dow.
Home prices increased by 9.3 percent, their largest annual margin in nearly seven years. But experts warn that a backlog in some markets could keep home prices low for the foreseeable future.
GDP expanded at a 2.5 percent annual rate in the first quarter. Economists expect slowdown in GDP growth this summer as sequester takes hold, which already delayed air traffic briefly.