Major US stock indexes again finished trading at record highs. Dow crossed 19,000 points, the S & P 500 broke through 2200 points mark for the first time in history, due to the ongoing rally because of the election of Donald Trump, the US president.
In addition, as it became known, home sales in the US secondary market rose in October to its highest level in more than 9.5 years, against the backdrop of pent-up demand, offering more evidence of accelerating economic growth in the fourth quarter, but the recent spike in mortgage rates may slow Activity in the housing market. The National Association of Realtors reported that home sales in the secondary market increased by 2.0% to an annual rate of 5.6 million units, the highest level of sales pace since February 2007. The September figure was revised up to 5.49 million units from a previously reported 5.47 million units.
However, the report submitted by the Federal Reserve Bank of Richmond showed that activity in the manufacturing sector in the region has improved in November, beating analysts’ estimates, and peaking in July. According to the report, the November index of manufacturing activity rose to +4 points versus -4 points in October. It was predicted that the figure will be 1 point. Recall value greater than 0 indicates the improvement of conditions in the manufacturing sector, while below 0 indicates worsening conditions. The data are taken from a survey of about 100 manufacturers in the Richmond area.
Oil prices held above $ 48 on speculation that OPEC will be able to reach an agreement to limit the production of next week. On the eve of the representative of Libya’s OPEC Mohammed Own ended positively described the first day of the two-day meeting of the expert group of the cartel. In addition, OPEC sources said that the cartel experts have made some progress in the course of the first day of talks on the details of the Algerian agreements. Some of the agency’s interlocutors also expressed optimism about the prospects for the conclusion of the final to limit production level agreement.
DOW index components closed mostly in positive territory (24 of 30). Most remaining shares rose Verizon Communications Inc. (VZ, + 2.55%). Outsider were shares of Visa Inc. (V, -2.11%).
Most of the S & P sectors recorded increase. The leader turned out to be the basic materials sector (+ 0.9%). the health sector fell the most (-1.6%).
At the close:
Dow + 0.35% 19,023.67 +66.98
Nasdaq + 0.33% 5,386.35 +17.49
S & P + 0.21% 2,202.90 +4.72
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