Stocks gain…Home sales snap 6-month losing streak…Durable goods orders fall
NEW YORK (AP) – Stocks are rising in early trading on Wall Street after two days of steep losses. Major technology companies including Apple and Microsoft are higher after tumbling the last few days. Crude oil prices are up about 2 percent, a day after they sank to a one-year low. Retailer Foot Locker jumped 15 percent after its third-quarter profit and revenue surpassed Wall Street’s expectations.
WASHINGTON (AP) – Home sales have broken a six-month losing streak, climbing 1.4 percent in October. The National Association of Realtors says sales of existing homes climbed to a seasonally adjusted annual rate of 5.22 million last month from 5.15 million in September. But the October sales were still down 5.1 percent from a year earlier, the largest annual drop since July 2014.
WASHINGTON (AP) – Orders to U.S. factories for big-ticket manufactured goods fell by the largest amount in 15 months in October, and a key category that tracks business investment showing weakness for a third straight month. The Commerce Department says orders for durable goods dropped 4.4 percent last month. It was the third decline in the past four months with the October drop led by a huge decline in the volatile areas of commercial and military aircraft. A category that serves as a proxy for business investment was flat in October after declines in both August and September.
PARIS (AP) – A global economic watchdog says world growth has passed its peak and faces growing risks, including from trade disputes and higher interest rates. The Organization for Economic Co-operation and Development, which advises many of the world’s richest economies, says it has cut its forecast for global growth next year to 3.5 percent from 3.7 percent previously. The Paris-based agency said that while labor markets are in good health in major economies like the U.S., trade and investment have taken a hit from higher tariffs.
MONTPELIER, Vt. (AP) – There’s a tight supply of tannenbaums this holiday season. That means some shoppers will be paying more or searching longer for that perfect Christmas tree. The National Christmas Tree Association says most people will find what they want, but prices could be a bit higher than last year’s average retail price of about $75. The tight market is rooted in an oversupply followed by the Great Recession that caused many growers to leave the business.