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December 22nd, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Existing-home sales declined for the tenth month in a row in November, the National Association of Realtors reported. Sales waned 7.7% from October to a seasonally adjusted annual rate of 4.09 million in November and down 35.4% from a year ago. The median existing-home price for all housing types in November rose to $370,700, up 3.5% from the previous year. The inventory of unsold existing homes at the end of November was 1.14 million units, down 6.6% from October, but up 2.7% from one year ago, or a 3.3-month supply at the current monthly sales pace.
The Conference Board Consumer Confidence Index increased in December following back-to-back monthly declines. The index now stands at 108.3, up sharply from 101.4 in November. The Present Situation Index, based on consumers’ assessment of current business and labor market conditions, increased to 147.2 from 138.3 last month. The Expectations Index, based on consumers’ short-term outlook for income, business, and labor market conditions, improved to 82.4 from 76.7.
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| MARKET MIRROR |
Wednesday, the Dow rose 526.74 points (1.60%) to close at 33,376.48, the Nasdaq increased 162.26 points (1.54%) to close at 10,709.37 and the S&P 500 was up 56.82 points (1.49%) to close at 3,878.44. The Russell 2000 rose 28.92 points (1.65%) to close at 1,776.94 and the Wilshire 5000 increased 571.68 points (1.51%) to 37,462.92.
The price of the 10-year Treasury note rose 1/32, bringing the yield to 3.673%. The price of the 30-year Treasury bond rose 4/32, bringing the yield to 3.723%.
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SURVEYS
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In 1775, A Continental naval fleet was organized in the rebellious American colonies under the command of Ezek Hopkins. In 1894, French army officer Alfred Dreyfus was convicted of treason in a court-martial that triggered worldwide charges of anti-Semitism. Dreyfus was eventually vindicated. In 1895, German physicist Wilhelm Röntgen made the first X-ray, of his wife’s hand. In 1910, U.S. Postal savings stamps were issued for the first time. They were discontinued in 1914. In 1956,The last British and French forces evacuated Egypt. In 1976, The last episode of TV’s “Let’s Make A Deal” aired. In 1989, Romania’s hard-line Communist ruler, Nicolae Ceausescu, was overthrown in a popular uprising. In 1990, Lech Walesa was sworn in as Poland’s first popularly elected president. In 1993, American singer Meghan Trainor was born. In 1998, a unit of RJR Nabsico pled guilty to attempting to smuggle cigarettes into Canada.
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