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Monday, November 29, 2021
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The Growing US Economy and Records in the Benchmark Indexes

#US #economy #stocks

$DIA $QQQ $SPY $RUT

US consumer confidence rebounds as concerns about high inflation were offset by improving labor market prospects, suggesting economic growth is picking up”— Paul Ebeling

DJIA +15.73 at 35756.88, NAS Comp +9.01 at 15235.71, S&P 500 +8.31 at 4574.79

  • S&P 500 +21.8% YTD
  • NAS Comp +18.2% YTD
  • DJIA +16.8% YTD
  • Russell 2000 +16.3% YTD

Coming Up: Look at what Wall Street may be thinking about Bitcoin now.

Reviewing Tuesday’s US economic data:

  • The Conference Board’s Consumer Confidence Index increased to 113.8 in October from an upwardly revised 109.8 (from 109.3) in September.
    • The Key takeaway from the report is that it marked the 1st upturn in consumer confidence since June, reflecting a feeling of relief about the waning impact of the spreading virus variant/s and an improvement in income and labor market prospects.
  • New home sales increased 14.0% month-over-month in September to a seasonally adjusted annual rate of 800,000 from a downwardly revised 702,000 (from 740,000) in August. Taking the downward revision into account, the 2-month stack of new home sales growth was roughly in-line with estimates.
    • The Key takeaway from the report is that the growth in new home sales is concentrated in higher-priced homes, as inflation pressures, exacerbated by supply constraints, are curtailing the building of lower-priced homes.
  • The S&P Case-Shiller Home Price Index for August was up 19.7% Y-Y
  • The FHFA Housing Price Index increased 1.0% m/m in August following a 1.4% increase in July. 

Looking Ahead: Investors will receive Durable Goods Orders for September, the Advance Intl. Trade in Goods, Retail Inventories, and Wholesale Inventories reports for September, and the wkly MBA Mortgage Applications Index Wednesday. 

Have a prosperous day, Keep the Faith!

Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

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