The KUIK Market Update for Wednesday, November 29:
Markets are mixed.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
86
points
23,923
8:05 AM
S&P500
Down
-0.1%
percent
2,526
1.74
Nasdaq Composite
Down
-1.2%
percent
6,827
5.24
30 Year Treasury
Up
6
Basis Points
2.83
Annual Yield
The National Association of Realtors reports the pending-home sales were up 3.5% in October, but are still 0.6% lower than a year ago. The index tracks real estate transactions in which a contract has been signed, but the deal has not yet closed. Economists expected only a 1% gain. But the West fell 0.7%, the Northeast gained 0.5%, the Midwest rose 2.8%, and in the South, pending home sales soared 7.4%. That’s the only region in which pendings are higher than a year ago.
The Commerce Department reports the U.S. economy’s rate of growth for the third quarter was raised to 3.3% from 3% under its latest revision and that’s the fastest growth in three years despite two big hurricanes. And corporate profits are up. Adjusted pretax profits rose 4.3% to an annualized $2.22 trillion, for the biggest gain in a year.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
