Stocks traded higher yesterday on upbeat news on stimulus negotiations, and news that The Food and Drug Administration approved Gilead Sciences’ antiviral drug remdesivir as a treatment for the coronavirus.
Coca-Cola rose more than 1% after the company reported a stronger-than-forecast profit from the previous quarter. CSX and AT&T also traded higher on the back of better-than-expected earnings.
Sales of existing homes rose a higher-than-expected in September to a seasonally adjusted annualized rate of 6.54 million units, according to the National Association of Realtors. Sales were up 21% annually. Sales could be more robust if there were more homes available. The inventory of homes for sale fell 19.2% annually to just 1.47 million homes for sale at the end of September. At the current sales pace that represents a 2.7-month supply. That is the lowest since the Realtors began tracking this metric in 1982.
The Leading Economic Indicator index an index that measures U.S. business cycles rose in September for the fifth straight month, but its expansion pace further decelerated. September reading marks the fifth straight month rise for the index, which saw is largest drop ever in March amid the first wave of the coronavirus pandemic. After rebounding in May and June, the indicator has gradually slowed down.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.