Stocks traded in record territory again last week with the S&P 500 and NASDAQ set to finish the month of November up 12%, with the small Cap Russell 2000 index gaining 21% in the month.
Spending online on Black Friday this year surged 22% to hit a new record, as the pandemic pushed more people to shop from the sofa and avoid crowded stores and malls. Traffic at stores on Black Friday fell by 52% compared with last year. Consumers spent $9 billion on the web the day after Thanksgiving, up 22% year over year. This makes Black Friday 2020 the second-largest online spending day in history in the United States, behind Cyber Monday last year. Today’s Cyber Monday is slated to become the largest digital sales day ever, with spending reaching between $11 billion and $13 billion, which would represent growth of 15% to 35% from a year earlier.
The cost of buying a house rose sharply again last month and by one measure hit a six-year high, a Case-Shiller index showed, signaling that prospective buyers are unlikely to find better deals any time soon. A measure of home prices in 20 large cities rose at a 6.6% yearly pace in October, according to the S&P CoreLogic Case-Shiller price index. That’s up from 5.3% in the prior month. A broader measure by Case-Shiller that covers the entire country showed a similarly large 7% increase in home prices over the past year, marking the fastest 12-month gain since 2014. Rock-bottom mortgage rates and a flush of people leaving cities during the pandemic for more space in the suburbs has boosted demand at a time when the supply of home for sales is near a historic low. The biggest increases took place in Phoenix, Seattle and San Diego. The smallest were in New York and Dallas.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.