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DOW + 33 = 17,719
SPX + 4 = 2052
NAS + 26 = 4701
10 YR YLD – .02 = 2.33%
OIL + 1.50 = 76.00
GOLD + 11.40 = 1195.50
SILV+ .12 = 16.35
Record high close for the Dow Industrials and the S&P 500 index.
The Consumer Price Index, or CPI, measures inflation at the retail level; prices that you and I pay for stuff. Prices were unchanged in October at an annualized rate of 1.7%. Lower gasoline prices offset increases in housing (up 0.3%), medical care (up 0.2%) and airline fares (which increased 2.4% despite lower fuel costs). The price of gasoline fell 3% last month. The cost of food edged up 0.1% in October, but that was the smallest gain in four months. Fruits, vegetables, dairy and beef increased in cost, but pork, chicken, fish and eggs all declined. Food prices are up 3.1% from a year earlier.
Excluding the up-and-down food and energy categories, core consumer prices rose 0.2%. Over the past 12 months the core rate of inflation has risen an unadjusted 1.8%.
Initial jobless claims fell by 2,000 to a seasonally adjusted 291,000 in the week ended Nov. 15. The number of people who applied for new unemployment benefits totaled fewer than 300,000 for the 10th straight week.
The National Association of Realtors reports sales of existing homes rose 1.5% in October to a seasonally adjusted annual rate of 5.26 million, the highest level since September 2013. October’s pace of sales was up 2.5% from a year earlier. The median sales price of existing homes hit $208,300 in October, up 5.5% from the year-earlier period. October’s inventory was 2.22 million existing homes for sale, a 5.1-month supply at the current sales pace.
The Conference Board’s index of leading economic indicators rose 0.9% in October. The leading economic index is a weighted reading of 10 different indicators.
The Philadelphia Fed reported its manufacturing index rose to a much-stronger-than-expected reading of 40.8 from 20.7 in October, marking the best level since 1993. Separately, the Markit Flash Manufacturing Purchase Managers Index fell to 54.7 in November from October’s final reading of 55.9. A reading above 50 signals expansion in economic activity. The index was at its lowest level since January.
