U.S. stocks fell in volatile trading on Friday after President Trump’s coronavirus diagnosis fueled concerns about the election and a worsening pandemic. Major averages clawed back some of the steep losses after House Speaker signaled aid for the airline industry could be coming soon, perhaps even as part of a much-anticipated broad relief bill.
Americans grew more optimistic toward the end of September as consumer sentiment reached a six-month high, reflecting more confidence in the U..S. economy after a summer lull. The final University of Michigan consumer sentiment survey in September climbed to 80.4. The index now sits at the highest level since the pandemic erupted in March, mirroring the results of other household surveys. Earlier this week the Conference Board said its consumer confidence index also shot up to a pandemic high.
The index of pending home sales rose 8.8% in August as compared with July, hitting a new all-time high according to the National Association of Realtors. It’s the fourth consecutive month in which the level of Americans signing contracts to purchase homes has risen. Compared with a year ago, contract signings were up 24%. Tremendously low mortgage rates — below 3% — have again helped pending home sales climb in August. Pending home sales increased across the entire country, led by a 13% gain in the West.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.