Dow, S&P above all-time highs…Home sales unchanged…Mortgage rates climb again
NEW YORK (AP) – An early wave of buying has sent U.S. stocks solidly higher, pushing the Dow Jones Industrial Average above the all-time high it closed at in January. The S&P 500, the benchmark for many index funds, was also above the peak it reached last month. Technology stocks and banks accounted for much of the rally. Utilities and other safe-play stocks lagged behind as investors shoveled money into riskier assets.
WASHINGTON (AP) – U.S. sales of existing homes were unchanged in August, as a shortage of houses priced at less than $250,000 – a level considered to be affordable for the middle class – has become a drag on the real estate market. The National Association of Realtors says homes sold last month at a seasonally adjusted annual pace of 5.34 million. Existing home sales have fallen 1.5 percent during the past 12 months.
WASHINGTON (AP) – Long-term U.S. mortgage rates are up for the fourth consecutive week, with the key 30-year rate reaching its highest level since May. Costs for would-be homebuyers continue to climb. Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages jumped to 4.65 percent, from 4.60 percent last week. The average rate on 15-year, fixed-rate loans rose to 4.11 percent this week from 4.06 percent last week.
BALTIMORE (AP) – Under Armour will cut its global workforce by 3 percent by the end of March. The Baltimore sports gear company says it now anticipates restructuring-related charges this year of between about $200 million and $220 million. It previously projected restructuring charges between $190 million to $210 million. Shares in the company rose five percent this morning.
SALZBURG, Austria (AP) – Britain and its European Union partners have failed today to secure a breakthrough in Brexit talks. There are still fundamental differences over the best way to avoid a hard border on the island of Ireland, and how to deal with future trade. Britain’s departure from the EU is set for March of next year.