US stocks closed mixed on Tuesday with the Dow Industrial Average declining while the Nasdaq notched up a fresh all-time high. Sectors in the S&P 500 index were mixed, led higher by Healthcare and Technology, Utilities bucked the trend. American Airlines announced on Tuesday that it would layoff 19,000 workers. This was less than initially projected. New Home Sales rose more than expected, continuing the string of better than expected sales. Housing prices also continued to rise according to the most recent Case-Schiller report.
American To Increase Layoffs
American Airlines reported that the company would layoff 19,000 workers by October 1 as the carrier prepares to downsize. American’s cuts are less than the 25,000 potential job losses it warned were possible last month.
New Home Sales Rise More than Expected
New home sales surged to highest level since 2006 according to the US Commerce Department. Sales of new single-family houses rose 14% between June and July to an annual rate of 901,000. Con a year over year basis new home sales were up 36%. Expectations were for new home sales to rise to a rate of 790,000. The government also revised June’s new home sales figure to a rate of 791,000, up from 776,000.
Home Prices Continue to Rise
Home prices rose 4.3% annually in June, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. The 10-City Composite, which captures a smaller subsector than the national 20-city composite increased 2.8% annually, down from 3% in the previous month. The 20-City Composite rose 3.5% year over year, down from 3.6% in the previous month. #US##NASDAQ#
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