Stocks waver…Retailers mixed…Confidence down slightly
NEW YORK (AP) – Stocks are wobbling between small gains and losses on Wall Street as investors keep a close watch on the latest developments coming out of U.S.-China negotiations. The cautious stance by investors follows a record-setting day for the major indexes, fueled by hopes that the world’s two largest economies are making progress toward ending their trade war.
NEW YORK (AP) – Retailers are closing out the latest round of corporate earnings with varied results. Consumer electronics seller Best Buy rose 7.4% after handily beating Wall Street’s profit expectations for the quarter while giving a surprisingly good profit forecast. Dicks Sporting Goods surged 16% after blowing away analysts’ profit forecasts for the third quarter. Discount retailer Dollar Tree plunged 15.6% after its profit fell short of Wall Street expectations.
WASHINGTON (AP) – Consumer confidence declined slightly for a fourth consecutive month, but it remains elevated with the holiday shopping season ramping up. The Conference Board said Tuesday that its consumer confidence index ticked down to 125.5 in November from October’s 126.1 reading. Consumers’ feelings about the present economic conditions also regressed slightly, but their short-term expectations for the future rose.
WASHINGTON (AP) – Sales of new homes dipped slightly in October compared with September but remain well above levels of a year ago, with lower mortgage rates helping spur a rebound in purchases. The Commerce Department says sales of single-family homes slipped 0.7% last month to a seasonally adjusted annual rate of 733,000. But that decline followed robust gains of 4.5% in September and 7% in August.
WASHINGTON (AP) – U.S. home prices increased modestly in September from a year ago, as roughly seven years of rising home values have hurt affordability. The S&P CoreLogic Case-Shiller 20-city home price index rose 2.1% in September from a year ago, up from a 2% annual gain in August. Prices have so steadily outpaced wage growth that the market is now constrained as home values have tumbled 0.7% in San Francisco and increased just 0.8% in New York and 1.7% in Seattle.