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Weak Housing, Confidence Data Prevent Stocks from Reaching New Closing High

Weak Housing, Confidence Data Prevent Stocks from New Closing High (Bloomberg)

Slow home price growth and a consumer confidence drop lowered stocks today, preventing the S&P 500 from achieving a new record closing high. “We’re kind of teetering with the new all-time high,” Ryan Detrick, senior technical strategist at Schaeffer’s Investment Research in Cincinnati, said. “People are taking a step here and watching to see if we can get there again.” Others note there is reason for hope. “The market has done extremely well in February,” Doug Cote, chief market strategist at ING U.S. Investment Management in New York, said. “2014 is more of a recognition that we’re in a global economic expansion and no longer a recovery.”

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