The National Association of Realtors said that existing home sales were at an annual rate of 5.03 million units in February, up 2.9% from January's pace and better than expected. Inventories of unsold homes were down 3% to 4.03 million units.
The June U.S. T-bonds dropped 2.05/32nds to 118.51/64ths. May lumber closed up $5.20 at $230.80, the highest close in two weeks.
It was one week ago today that investors in Bear Stearns learned that their shares were being bought by JPMorgan Chase and Company for a paltry $2 per share. Bear Stearns is trading higher today after it was reported that JPMorgan increased its offer from $2 to roughly $10 per share in an attempt to satisfy upset shareholders. The December eurodollars closed down .20 at 97.635, the lowest close in a week.
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