After the release of the latest home sales data, which showed an 11.3% drop from April, stocks finished the day modestly higher. The Dow managed to pare its steep intraday losses, eking out a finish in the black. The tech-heavy Nasdaq also finished slightly higher, while the S&P 500 managed to climb just above breakeven in the final minutes.

OIL, GOLD SUFFER SECOND CONSECUTIVE LOSS

All eyes were on the weekly crude inventories report, which showed supplies rising as demand in gasoline drops. August-dated West Intermediate (WTI) crude fell for a second day, off 18 cents, or 0.2%, to settle at $80.65 per barrel.

Also marking a back-to-back loss was gold, with the commodity hitting its lowest level in over seven weeks, though the catalyst remains unclear. August-dated gold dropped $17.60 or 0.8%, to settle near $2,313.20 an ounce.

More By This Author: