External Analysis

16:15 ET Dow +1.51 at 10466.44, Nasdaq +16.97 at 2269.64, S&P +2.57 at 1120.59: [BRIEFING.COM] Disappointing new home sales numbers caused stocks to surrender opening gains, but a weaker dollar helped drive stocks back into the green. However, the rebounded was resisted at session highs and left gains to chop their way into the close. The major indices started the session in higher ground amid continued broad-based buying that was helped along by solid gains throughout Europe and Asia. A pullback by the greenback also provided support; it concluded the session with a 0.5% loss against competing currencies after it had hit a three-month high in the previous session. Initial gains came despite a smaller-than-expected increase both personal income and spending in November. They were up 0.4% and 0.5%, respectively. Meanwhile, core personal consumption expenditures for November were flat. They had been expected to rise a modest 0.1%. Stocks weren't able to shrug off the November new home sales numbers, however. New home sales for the month fell 11.3% from October to an annualized rate of 355,000 units, which is well below the rate of 438,000 units that had been widely expected. The news caused the broader market to slide in a hurry. Shares of homebuilders had been up nearly 2% ahead of the report, but saw that gain nearly vanish entirely. They were able to reclaim some of the gains and finish 0.7% for the better.