Market movers for May 28, 2009

Durable Goods Orders
Durable goods orders rose 1.9%, stronger than the expected 0.4% increase. New home sales rose 0.3%, lower than the expected 1.9% increase.

New Home Sales
New home sales rose 0.3%, lower than the expected 1.9% increase that was forecasted.

7-year Treasury Note Auction
More debt hit the market this afternoon with the 7 year note auction. The auction resulted in a 2.26 bid to cover and an indirect bid(which includes foreign investors) of 33.0%. The initial reaction was very negative.