U.S. existing home sales jumped 4.2% in May from April to a 5.18-million unit annualized rate, the highest level since November 2009, according to the National Association of Realtors. Economists were expecting sales to tick up to a 5-million unit rate. For more news, please go to FoxBusiness.com and watch the FOX Business Network.

The Philadelphia Federal Reserve's gauge of manufacturing activity in the mid-Atlantic region zoomed higher to 12.5 in June from -5.2 in May. The index was expected to rise to -2. Readings above zero point to expansion while those below indicate contraction. For more news, please go to FoxBusiness.com and watch the FOX Business Network.

> The markets are taking heavy losses for the second day in a row as traders worry about the implications of the Federal Reserve potentially tapering its vast bond-buying program as soon as this year. The Dow is down 169 points, or 1.1%, gold is off 5.1%, and oil is down 2.5%. Treasury bonds are getting hit too, with the yield on the 10-year climbing 0.028 percentage point to 2.391%. > > > > > > For more news, please go to FoxBusiness.com and watch the FOX Business Network.