HW 30 holds fast for FOMC, tapering news
All was quiet on the HW 30 front Tuesday in anticipation of today’s Federal Open Market Committee (FOMC) meeting, and caution looks like the watchword.
The HW 30, the composite index of the top 30 firms that drive the U.S. housing economy, declined 0.69%. This reflected similar minimal-to-zero movement in the Dow, which ended the day where it started at 15,884.57, and Nasdaq, which declined a mere 0.14%.
Even home construction companies in the HW 30 saw little change Tuesday, despite the tepidly optimistic report on new construction sales for December released by the National Association of Home Builders. D.R. Horton Inc. saw a 1.25% drop to $18.91, while Lennar Corp. gained 0.57% to close at $35.20.
Everyone, it appears, is on hold for the FOMC.
As reported at HousingWire Monday, the FOMC will release its final meeting minutes for 2013, revealing its final decision on the potential of quantitative easing for the year. Some analysts speculate there could be a call for tapering Wednesday by the Federal Reserve, but most are skeptical.
Either way, it appears investors are standing pat until after the 2 p.m. Eastern meeting.