Daily Market Wrap: October 24, 2012 Wednesday, October 24, 5:06 PM ET
Better than expected housing data and positive earnings reports gave investors reason to be optimistic as the markets made a bit of a recovery today.
The Commerce Department is reporting a 5.7 percent rise in new home sales in September to a seasonally adjusted annual rate of 389,000.
That number was better than economists' expectations for a total of 385,000 annualized units.
Also on the economic front, weekly mortgage applications fell 2.3 percent last week, as interest rates increased, according to the Mortgage Bankers Association.
Shares of Netflix (NASDAQ:
NFLX) tumbled today after the company cut its full year subscriber forecast, prompting several brokerages to slash their price targets on the firm.
In M&A news, Nike (NYSE:
NKE) announced that Iconix Brand (NASDAQ: ICON) will buy its Umbro brand in a deal worth nearly $225 million.
Tomorrow, we'll take a look at the numbers for weekly jobless claims as well as earnings from ConocoPhillips (NYSE:
For Marketnewsvideo.com, I'm Sayoko Murase.
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Daily Market Wrap: October 24, 2012
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