Stocks rose yesterday, recovering from the Monday’s steep sell-off, as Amazon led shares of Big Tech higher.
Investors also reacted to remarks by Federal Reserve Chairman Jerome Powell, who reiterated the central bank will support the economy “for as long as it takes.” Powell added that, while the path forward “continues to be highly uncertain,” economic activity has “picked up.”
After a record-setting July, the housing market still shows no sign of cooling off. Sales of existing homes rose 2.4% to a seasonally adjusted annualized rate of 6 million units, according to the National Association of Realtors. Sales were 10.5% higher compared with August 2019. This is the highest sales pace since December 2006, before the Great Recession. Sales were hampered only by lack of supply. There were 1.49 million homes for sale at the end of August, down 18.6% annually to a 3-month supply. The number of homes for sale when sales were last this robust, in 2006, was more than double the current supply.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.