U.S. Bull Market Now Longest On Record, Existing Home Sales Continue To Weaken
The current bull market rally, which began on March 9, 2009, became the longest on record today by avoiding a decline of 20% or more, according to S&P Dow Jones Indices. The market has risen more than 300% over that time, fueled by strong corporate earnings, tax cuts and economic growth. It tied the rally from 1990 to early 2000 on Tuesday, which lasted 3,452 days.
Existing home sales for July fell 0.7%, coming in at 5.34 million, below the consensus estimate of 5.40 million and down from 5.38 million in June. Sales declined in the Northeast, South and Midwest but rose in the West. Existing home sales have now declined for four consecutive months, the longest stretch of monthly declines since 2013.
Click here to read the full update by Bank of the West.
Tags: Bank of the West, economy
