Summary
The latest GDP report also showed that corporate profits, before taxes, fell 0.6% in the first quarter. The decline in home sales based on contract signings last month was much steeper than expected. The benchmark 10-year US Treasury yield slid below 4.6%.
Pending home sales slumped 7.7% in April to a reading of 72.3, according to data from the National Association of Realtors. The Fed doesn’t directly set mortgage rates, but its actions, which influence yields, do. The Dow closed 331 points lower, or 0.9%.
