Although we don’t believe in timing the market or panicking over market movements, we do like to keep an eye on big changes — just in case they’re material to our investing thesis.
The Federal Reserve’s “taper” plans are starting to have an impact on data from the housing market. U.S. new home sales fell 13.4% in July to a seasonally adjusted rate of 394,000 as every region posted declines. But that’s to be expected as rates rise and investors shrugged off the news, pushing the Dow Jones Industrial Average (DJINDICES:^DJI) 0.20% higher and the S&P 500 (SNPINDEX:^GSPC) up 0.30%.
Competitor AT&T Inc. (NYSE:T) is also up 0.9% today after MacRumors said the company will offer refurbished iPhone 3GS devices for its prepaid GoPhone plans. Refurbished iPhone 4s are already available for $325 so the generation older device is projected to cost much less than $300. Engaged in a surprising battle against T-Mobile’s new plans this could be a quiet win for AT&T Inc. (NYSE:T) in mobile.
The article Ballmer’s Retirement Keeps Dow Moving Higher originally appeared on Fool.com is written by Travis Hoium.
Fool contributor Travis Hoium manages an account that owns shares of Apple and Microsoft. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple and Microsoft.
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