The stock market is slightly in the red this afternoon.
The Dow is up 25 points, the S&P 500 is flat, and the Nasdaq is down 9 points.
Moments ago, the Fed released the minutes from its January FOMC meeting.
Believe or not, the stock market is within points of a new all-time high.
The S&P 500 is currently at 1,838. The all-time high was established on January 15 at 1,850.
Turmoil in the emerging markets were blamed for some of the volatility in the U.S. markets. But all of that seems to have been largely brushed off.
Housing market data, however, has been ugly lately.
Earlier today, we learned that mortgage applications fell another 4.1% during the week ending Feb. 14.
That was followed by the Census’ January residential construction report that showed housing starts plunged 16% and building permits fell 4.9% during the month.
“Housing was an area of weakness even before the recent stretch [of bad data], with the Fed having made note of the slowing of the housing recovery following last year’s sell-off,” wrote Credit Suisse interest rate strategists ahead of today’s data.