Bloomberg News

U.S. Stocks Trim Gains as Home Sales, LEI Index Trail Forecasts

July 19, 2012

U.S. Stocks Trim Gains as Home Sales, LEI Index Trail Forecasts

Purchases of existing homes decreased 5.4 percent to a 4.37 million annual rate last month from a revised 4.62 million in May, figures from the National Association of Realtors showed today in Washington. Photographer: Daniel Acker/Bloomberg

U.S. stocks trimmed gains after reports showed existing home sales unexpectedly decreased and a gauge of leading indicators declined more than forecast, underscoring concern the economic rebound is slowing.

The Standard & Poor’s 500 Index rose less than 0.2 percent to 1,375.35 at 10:04 a.m. in New York after earlier climbing as much as 0.4 percent.

Purchases of existing homes decreased 5.4 percent to a 4.37 million annual rate last month from a revised 4.62 million in May, figures from the National Association of Realtors showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 4.62 million pace.

The Conferences Board’s gauge of the outlook for the next three to six months decreased 0.3 percent after a revised 0.4 percent increase in May, the New York-based group said today. Economists projected the gauge would drop by 0.1 percent, according to the median estimate in a Bloomberg News survey.

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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