Not many people are interested in buying a home right now. And VW is looking to expand in the US. Just when you thought gas prices were crazy high… oil surged today, up another $3, now trading above $122 a barrel. Some say that could put the economy into a critical situation.
The Dow fell 269 to close at 32,910.
The Nasdaq was down 88 on the day.
The S&P fell just over 1%, losing 44 today.
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Looking for a new home? Not many people are these days. Mortgage demand just dropped to the lowest level in 22 years. Rates are rising and home sales are slowing. Applications for a mortgage to buy a home fell 7% for the week. Down 21% from last week a year ago.
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Shares of Roku surged 10% today on rumors Netflix could buy the streaming the company. Shares of both Roku and Netflix are way down to start the year, but both went up during trading today.
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Volkswagen says it is actively looking to build new electric vehicle and battery facilities here in the U.S. The German carmaker already has plants in Tennessee and Mexico. No word yet on where they’re looking to build next.
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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.