Associated Press - May 24, 2007 10:33 AM ET
NEW YORK (AP) - Stock prices surged after release of better-than-expected new home sales figures. Global stock markets had been slightly weaker overnight.
WASHINGTON (AP) - New home sales rose by 16% in April. The rebound came as prices fell by a record amount, indicating builders were slashing prices to reduce inventories of unsold homes.
WASHINGTON (AP) - Durable goods orders rose in April at a slower pace. The Commerce Department reports a gain of 6-tenths of 1%.
WASHINGTON (AP) - The number of Americans filing first-time claims for unemployment benefits rose by 15,000 last week. The Labor Department puts the total at 311,000.
BEIJING (AP) - The Organization for Economic Cooperation and Development says China needs to spend more on education and other social programs while letting its currency rise in value to hold down inflation. The Paris-based group says China's economic growth is expected to remain above ten percent at least through next year.
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