(NEW YORK) — Sales of new homes fell for a second straight month in February, off 1.5 percent. The housing data didn’t hurts stocks, though. Friday stocks rose, despite the Dow and S&P seeing their biggest weekly declines so far for the year.
The Dow and the S&P both fell 1.2 percent and a half percentage point for the week, respectively. The Nasdaq however, rose for the sixth consecutive week, gaining 4.6 points and closing at 3,068.
Home prices surged to their highest level in eight months, suggesting builders anticipate more demand in the months ahead. The median sales price jumped more than eight percent in February to $233,700.
Meanwhile, oil prices briefly spiked near $108 per barrel Friday, following a report that Iranian oil exports dropped significantly this month. Oil settled at just under $107.
Copyright 2012 ABC News Radio
Jeff Peterson, Deseret News
John Clyde, KSL.com