Futures Green on Budget Talks! Is it Going to Be a Green Monday?
Wall Street hopes to stage a rebound and put an end to this November correction. Hopefully the holiday shortened week is just what the doctor ordered. There is nothing like the holiday spirit to improve budget optimism, leading futures higher Monday morning. In addition, two housing data points are on tap, and if the current housing trend stays true, then that should act as a catalyst for the market as well. Futures for The Dow Jones Industrial Average advanced 49 points to 12,619. S&P 500 Index futures rose 5.9 points, or 0.4%, to 1,365.70, while those on the Nasdaq-100 rose 12 points, or 0.5%, to 2,545
Wall Street advanced on Friday, rebounding from red futures to close out another losing November week. The Dow Jones industrial average closed up 45.93 points, or 0.4 percent, to 12,588.31. The Standard & Poor’s 500 index rose 6.55 points, or 0.5 percent, to 1,359.88, while the Nasdaq composite index gained 16.19 points, or 0.6 percent, to 2,853.13.
Existing Home Sales: The number of previously constructed homes, condominium and co-ops in which a sale closed during the month. The consensus for October is a 4.79 million unit annual rate. Existing home sales fell back in September, down 1.7 percent to an annualized pace of 4.750 million units for what was still the second best annual rate since the stimulus programs back in the spring of 2010. Supply was a positive for prices, at the current sales rate to 5.9 months which is extremely tight. The range goes from 4.60M to 5.05M for the month.
Housing Market Index: The National Association of Home Builders produces a housing market index based on a survey in which respondents from this organization are asked to rate the general economy and housing market conditions. The housing market index is a weighted average of separate diffusion indexes: present sales of new homes, sale of new homes expected in the next six months, and traffic of prospective buyers in new homes. The consensus reading for November is 42, after a one point gain in October to 41. The range runs from 39 to 44.