Oil prices skating at fifty dollars a barrel are convincing Wall Street's buyers to make themselves scarce for the moment but as finer minds have counseled, the American businessman, worker and consumer can shake off a dull couple of months:
U.S. new home sales unexpectedly increased in April to a record pace, a sign historically low mortgage rates and job gains keep powering housing. Prices rose, reflecting an increase in purchases of more expensive homes. ..."We really have the best of both worlds right now for the housing sector in the sense that rates have stayed low and the job market is gaining momentum," said David Lereah, chief economist of the National Association of Realtors, before the report.
April durable goods orders outperformed expectations by thirty percent, answering the "questions raised" about economic health from media know-it-alls. At least until next week.