Wall Street retreated Thursday after new housing data showed sales surged in April by the largest amount in 14 years, dampening hopes that an interest rate cut would be needed to stimulate the economy.

Investors were originally enthusiastic after the Commerce Department reported sales of single-family homes rose 16.2 percent last month after falling slightly in March. Although the average prices of homes plunged, the report still showed the economy continues to show signs of expansion.

I think the majority of people are still expecting interest rate cuts later this year, or at least until earlier today. Me, I'm not so sure.

Complete story: Stocks Retreat After Home Sales Data - Associated Press by way of The New York Times