US Stocks rose to another record high yesterday — ahead of the key Federal Reserve decision — as strong corporate earnings gave investors confidence in a year-end rally. 60% of S&P 500 companies have reported quarterly earnings with 82% of those companies beating earnings estimates.
According to the payroll company ADP private sector job creation popped higher in October thanks to a burst in hiring in the hospitality sector. Companies added 571,000 for the month. It was the best month for jobs since June.
Zillow Group is looking to sell about 7,000 homes as they seeks to recover from a fumble in its high-tech home-flipping business. The company is seeking roughly $2.8 billion for the houses, which are being pitched to institutional investors. It’s more likely that Zillow will sell the properties to a multitude of buyers rather than packaging them in a single transaction. The move to offload homes comes as Zillow seeks to recover from an operational stumble that saw them buy too many houses, with many now being listed for less than they paid. The company typically offers smaller numbers of homes to single-family landlords, but the current sales effort is much larger than normal.