US Stocks rose on Friday but were lower on the week last week the fifth week in a row US stocks declined, which is the longest losing streak since 2011. But in case anyone is worried about that fact they shouldn’t be because US Stocks are still up 13% in 2019 and are only 4% off all-time-highs.
New-home sales were at a 673,000 seasonally adjusted annual rate in April. That was 6.9% lower than March. The median sales price in April, $342,200, was 8% higher than a year ago. At the current pace of sales, it would take 5.9 months to exhaust available supply, about matching the 6 months that’s traditionally been considered the marker of an evenly balanced market.
Orders for durable or long-lasting goods tumbled in April because of falling demand for Boeing jets and new cars and trucks, but even more worrisome, business investment continued to weaken in the face of a tense trade standoff with China and a slower U.S. economy. Orders for durable goods — products meant to last at least three years — dropped 2.1% in April.
Fiat Chrysler Automobiles has proposed a merger with French rival Renault SA, a move that if completed would create the third-largest auto maker by production and shake the global automotive industry. If Renault and Fiat Chrysler merge, it would create a car company with a combined value of about $37 billion and annual vehicle production of almost nine million passenger cars and light trucks. Shares of both companies rose over 12% on the news.