Stocks closed lower on Friday but the month of November was the best month since June with the market gaining 3.5% last month.
The U.S. economy grew at a 2.1% annual pace in the third quarter, a few ticks higher than previously estimated. Gross domestic product was originally estimated to have grown 1.9%. The improved figure stemmed mostly from upward revisions in inventories and investment in structures
U.S. consumer spending rose in October for the eighth month in a row, a potentially good sign for the holiday shopping season that got underway after Thanksgiving with Black Friday specials. Consumer spending increased 0.3% last month which was better than expected.
The index of pending home sales dropped 1.7% in October from the previous month, according to the National Association of Realtors. The decline comes after both August and September saw upticks in pending sales thanks largely to the favorable mortgage rate environment. The index captures transactions that have not yet closed but where a contract has been signed. As a result, the index is a leading indicator for the existing- and new-home sales reports in the coming months.
Black Friday hit a record $7.4 billion in U.S. online sales as many shoppers spent the day clicking instead of lining up to buy. It was the second-biggest U.S. online sales day ever, behind 2018 Cyber Monday’s $7.9 billion.
With Northwest Quadrant Wealth Management, I'm Tyler Simones.