New home sales unexpectedly fell to the lowest level in seven months, with sales tumbling 11.3% month-over-month to an annual rate of 355,000 units, compared to the expectations of economists, which called for a 1.7% increase in November.
Personal income was 0.4% higher in November, just shy of the estimate of 0.5%, but October was revised from a 0.2% gain to a 0.3% rise. Personal spending rose 0.5% in November, below the 0.7% expectation. The PCE Price Index, which is released with the income and spending data, increased 1.5% year-over-year in November, below the consensus forecast of 1.6%.
The final revision to the University of Michigan’s Consumer Sentiment Index showed an unexpected downward adjustment from 73.4 in the preliminary report to 72.5 for December, but up from the 67.4 reading in November.
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The Dow Jones Industrial Average rose 1 point (0.01%) to close at 10,466, the S&P 500 Index added 3 points (0.2%) to 1,121, while the Nasdaq Composite gained 17 points (0.8%) to 2,270. Crude oil was $2.27 higher at $76.67 per barrel, and the Bloomberg gold spot price increased $4.10 to $1,088.10 per ounce.
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