Business News

A Feast Of Economic Data

Lots of economic data: (Bureau of Labor Statistics)

US Durable Goods, a measure of company equipment investment was up 0.4%, but if you take out planes and cars was down 0.3%.

October personal income was up 0.2% and consumer spending was also up 0.2%.

Applications to refinance a mortgage decreased 4% and applications to purchase a home fell 5% last week.  Purchase application volume is now off 10% from a year ago. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.15%. Americans who lost their homes to foreclosure will be able to buy them back at current market value if the properties are owned by housing finance giants Fannie Mae and Freddie Mac. (CNBC)

Deere & Co. projected a 20% decline in farm equipment sales in 2015, warning again that lower commodity prices and falling farm incomes are putting pressure on demand for agricultural machinery. In the most recent quarter, equipment sales fell 6.7% from a year earlier to $8.04 billion, while operating profit dropped 14% to $1.17 billion. (Wall Street Journal)

The S&P 500 is up 3 and the NASDAQ is up 8. The MSCI, a measure of international markets is up 0.17%.

Oil is flat at $74.13 a barrel. OPEC leader Saudi Arabia signaled today it's unlikely to push for a major change in output at the oil cartel's meeting tomorrow, a day after Russia refused to cooperate in any production cut. (CNBC)
 

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