Housing To The Rescue

Sales of existing homes are expected to come in above last month's reading. Can that reverse the Dow's slide?

Can housing turn the market around after Monday’s steep slide? Existing home sales for May are due tomorrow morning after trading begins. Economists expect an increase to 4.82 million sales from 4.68 million in April. That would be a 3% increase, slightly higher than last month’s 2.9% jump.

Investors need some good news after the three major U.S. stock indexes fell by more than 2% each during the week’s first trading session after the World Bank lowered its economic forecast and commodities tanked. The rout came on top of last week’s declines, when the Dow fell 3%, the S&P 500 lost 2.6%. (See “Dow Slides 200 Points”)

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