NEW-HOME SALES DROP IN APRIL

WASHINGTON» Sales of new U.S. homes sank 6.9 percent in April, driven by a decline in the sale of homes worth less than $300,000 that generally are bought by middle-class and firsttime buyers.

The Commerce Department announced Thursday that new homes sold at a seasonally adjusted annual rate of 673,000 in April, down from 723,000 in March. Still, year-todate home sales are 6.7 percent above the pace set in 2018.

Long-term mortgage rates slip; 30-year average at 4.06 percent.

WASHINGTON» Longterm mortgage rates fell slightly this week, marking a fourth consecutive week of declines to lure prospective purchasers in the spring homebuying season.

Mortgage buyer Freddie Mac said Thursday the average rate on the 30-year, fixed-rate mortgage slipped to 4.06 percent from 4.07 percent last week. By contrast, a year ago the benchmark rate stood at 4.66 percent.

Tesla shares bounce on leaked memo about rising sales.

Shares of Tesla, suffering one of the worst stretches in company history, rebounded Thursday after CEO Elon Musk told employees that orders are up. The company’s stock closed up 1.4 percent to $195.49 on a volatile day that started out with a loss. Tesla stock has shed 16 percent in the past three weeks and about 41 percent since the beginning of the year. It is trading at the lowest levels since late 2016.

Musk told employees in a memo Wednesday that the company had more than 50,000 net new orders this quarter.

Deutsche Bank ready for “tough cuts” as share price sags.

FRANKFURT» The CEO of Deutsche Bank said he is ready to make “tough cuts” to improve the struggling bank’s profitability and raise a disappointing share price as negative headlines plague Germany’s biggest bank.

Christian Sewing touted the bank’s fullyear profit from 2018 — the first since 2014 — and achievement of its cost-cutting goals. The bank has cut staff to 91,700 employees, down from 99,700 in 2016. — Denver Post