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Morning Market Update: Flat Finish

US markets were little changed at the close overngiht, with the benchmark indices held down by weak housing data.

The Dow added eight points (+0.1%) to 16073, the S&P500 slipped three points (-0.2%) to 1802 and the Nasdaq put on three points (+0.1%) to 3995.

Following a record breaking run for stocks, it was not surprising to see investors take their foot off the pedal, after data showed a surprise slump in pending home sales last month.

It was the fifth consecutive month where pending home sales have contracted, stoking concerns the housing market recovery is losing steam amid rising interest rates.

The landmark agreement to curb Iran’s nuclear program led to further losses in oil, with traders anticipating a future deal will eventually allow the nation to begin exporting crude.

Gold also came under pressure as the Iranian deal diminished the precious metal’s appeal as a safe haven investment.

Front month oil futures lost 0.7% to US$94.17 a barrel and gold futures declined 0.2% to US$1241 an ounce.

There was not a great deal of action in currency markets, with the US dollar rising modestly against its major counterparts as speculation mounts the Fed will soon announce plans to curtail stimulus.

There is no major economic data due for release today.


Morning Market Update: Flat Finish is a post from: Australian Stock Report Market Pulse Blog

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