Pending home sales for November continue to point to weakness in the housing market. The index, which began in 2001, fell 4.0% in November to a new low of 82.3 while October was revised sharply lower.
Factory orders in November falling 4.6%, double the expected drop, while October’s decline was worse than initially reported. Durable goods orders were revised from a drop of 1.0% to a decline of 1.5% as weakness was broad-based. Ex-transportation, orders fell 4.2%.
The ISM Non-Manufacturing Index unexpectedly rose 3.6 points in December to 40.6, topping the estimate of 36.5. The index suggests that declines in the broad service sector slowed at the end of 2008.
The Dow Jones Industrial Average rose 62 points (0.7%) to close at 9,015, the S&P 500 Index advanced 7 points (0.8%) to 935, and the Nasdaq Composite gained 24 points (1.5%) to 1,652. Crude oil lost $0.23 to $48.58 per barrel, and gold rose $6.60 to $864.40 per ounce.
Magnificent Seven Update
Daily Update Of Open Positions...Stocks & ETFs
