Much Better-Than-Expected New Home Sales Data Lifts Stocks

Better-than-expected new home sales data has boosted stocks into positive territory this morning. As the news hit wires, the Dow jumped nearly 90 points from 9,486 to 9,575, but has now given up some of the gains, currently up 0.2% to 9,558.

For the month of July, new home sales rose at their most rapid pace since last September, coming in at 433,000 units. This figure was higher than the 390,000 units economists had been expecting. Compared to June, new home sales were up 9.6%. On a year-over-year basis, new home sales for July were still down 13.4%.

Traders are claiming that today's data marks a changing trend in the closely-watched indicator, as this was the fourth straight month of strong gains.

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