Stocks extended early losses in midday trading Thursday after U.S. pending home sales hit a nine-year high, concerning some investors that the latest sign of a robust housing recovery may be further incentive for the Federal Reserve to raise rates this year. Pending home sales rose in April for the fourth straight month, reaching a better-than-expected high of 112.4, according to the National Association of Realtors. That’s a 3.4% rise from March and 14% higher than a year ago. Economists had expected growth of 1% in April. In earnings news, shares of Costco (COST) slipped after missing sales estimates in its third quarter. The company’s earnings of $1.17 a share beat by a penny, while its revenue of $26.1 billion fell short by $530 million. Despite reporting a wider-than-expected loss, shares of Abercrombie & Fitch (ANF) rose in Thursday trading after the teen apparel retailer said it expects comparable sales to improve in the second half of the year.
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