News out of Europe, along with tax reform in the United States, has caused global yields to move higher. The 10-year Treasury yield jumped from 2.39% on Tuesday to 2.49% today, its highest level since late October. (LPL)
According to the National Association of Realtors existing-home sales surged for the third straight month in November and reached their strongest pace in almost 11 years. Total existing-home sales jumped 5.6% in November. The median existing-home price $248,000, up 5.8% from November 2016. November’s price increase marks the 69th straight month of year-over-year gains. Total housing inventory dropped 7.2% and is now 9.7% lower than a year ago and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply which is down from 4 months a year ago. Matching the highest share since May, all-cash sales were 22% of transactions in November.
Bed Bath & Beyond reported a quarterly profit of 44 cents per share, beating estimates. Sales were slightly above expectations. Same store sales fell by 0.3%, a smaller drop than the 2.4% expected. (Yahoo)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.