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Housing Continues to Provide Positive Economic Backdrop

Daily Recap

US investors were pulled in different directions today, as positive news on the economy’s strength confronted evidence of future pullbacks in consumer spending. Last month, consumer spending jumped the largest amount in seven years, following even more evidence of a strong housing market.

 

On the other hand, the consumer confidence index slipped from 94.7 to 92.6 this month, prompting uncertainty over how long spending will remain strong.

 

Stock markets were mostly higher in Asia, mostly lower in Europe. Crude oil held near the $50 mark, though off about half a buck today. The dollar was up somewhat, interest rates down somewhat. In the end, downward pressures were too much for US stocks, as the Dow looks to give back all of its gains this month. Near the close, the Industrials are down over 100 points.

 

Precious metals were mostly higher after many down days. Gold, platinum, palladium, and the mining shares ... Log in or subscribe to continue reading.


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