Well, for now anyway. The Dow finished the week at 12,481, up 19 points for the day and 3.1 percent for the week. Turns out that U.S. housing sales rose unexpectedly in February, leading investors to believe that real estate might not be in the awful state that some had described just a couple of weeks ago (see what fun predicting Wall Street can be?). Of course, no market summary would be complete without a little skepticism, so we have economist Ian Shepherdson saying that housing's day of reckoning has merely been delayed. Locally, Thousand Oaks-based Amgen had a bad day, down more than 4 percent, after thecompany announced that it cancelled a clinical trial involving a colon cancer drug because of safety reasons.
More by Mark Lacter:American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:Siri versus Hawaiian pidgin (video)
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Previous story: A $55.6 million payday
Next story: Zell offering Tribune $33 a share?
New at LA Observed
On the Politics Page
Go to Politics
Sign up for daily email from LA Observed