Succinct Summations of Weeks Events 7.24.14

Succinct Summations for the slow Summer week ending July 24th

Positives:

1. Weekly jobless claims came in at 255k, the lowest reading since 1973!

2. Existing home sales rose 3.2% in June to an annualized rate of 5.49mm, the fastest pace in more than eight years.

3. Mortgage applications rose 1% w/o/w.

4. Amazon turns a profit! Shares were up double-digits.

Negatives:

1.Refinance applications fell 0.5% w/o/w.

2. Pending home sales came in at 482k, below the 548k expected.

3. Apple, despite growing revenue at 33% and earnings up 45%, did not meet shareholders’ expectations, finishing down nearly 4% on the week.

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