New home sales rebound 24%
NEW YORK (CNNMoney.com) — New home sales rebounded in June from the record low hit the previous month but remained sluggish.
New home sales increased 23.6% to a seasonally adjusted annual rate of 330,000 last month, up from an downwardly revised 267,000 in May, the Commerce Department reported Monday. Sales year-over-year fell 16.7%.
Obama, Republicans to duel over tax cuts
Both the White House and Republicans in Congress are eager to join the battle that’s likely to dominate debate in September: cutting taxes.
Treasury Secretary Timothy Geithner stuck to President Obama’s guns Sunday when he told NBC’s Meet the Press that the administration still wants to extend most of President George W. Bush’s tax cuts — but let them expire for the wealthiest Americans.
PRECIOUS METALS: Comex Gold Pulls Back After Home Sales Data
NEW YORK (Dow Jones)–Gold futures have pulled back as sharply stronger U.S. housing data follow as-expected European bank stress test results to sap the fear factor that recently drove the yellow metal to record highs.
The most-actively traded gold contract, for August delivery, was recently down $5.90, or 0.5%, at $1,181.90 an ounce on the Comex division of the New York Mercantile Exchange.
“You’re seeing people come out of some of the safe haven instruments and back into equities,” said Charles Nedoss, senior market strategist with Olympus Futures in Chicago.