Dow Jones Industrial Average rises 190 pointsU.S. manufacturing and services activity surge along with home salesData from IHS Markit showed U.S. manufacturing activity hit its highest level in 19 months in August, while services were at their highest level in 17 months. Meanwhile, existing home sales for July saw a record month-over-month spike of 24.7%.… More
Sales of existing homes soared 24.7% in July from June, according to the National Association of Realtors. That’s the strongest monthly gain in the history of the survey, going back to 1968, and the highest sales pace since December 2006.Sales were 8.7% higher from July 2019. The numbers represent closed sales, meaning contracts signed in… More
Thousands of people in California are under evacuation orders as dozens of major wildfires continued to ravage parts of the state on Wednesday with an unrelenting heatwave and high winds making firefighting conditions difficult. Governor Gavin Newsom has declared a state of emergency during evacuations and rolling blackouts and called on the California National Guard to… More
Jen-Hsun Huang, president and chief executive officer of Nvidia Corp., speaks during an event at the 2018 Consumer Electronics Show (CES) in Las Vegas, Nevada, U.S., on Sunday, Jan. 7, 2018.David Paul Morris | Bloomberg | Getty ImagesCheck out the companies making headlines after the bell:Nvidia — Chipmaker Nvidia posted record sales in the last quarter… More
Federated Hermes’ Phil Orlando sees a lot going right for the rally.With the S&P 500 hitting all-time highs twice so far this week, the firm’s chief equity market strategist is optimistic the economic recovery will continue to support the historic comeback off the March 23 low.”The progress that we’re making is impressive,” Orlando told CNBC’s… More
People wait for their numbers to be called at an unemployment event in Tulsa, Oklahoma, on July 15, 2020.Photo by Nick Oxford for The Washington Post via Getty ImagesSome workers got an extra $300 in unemployment benefits this week. That aid will start flowing to others in coming days. But thousands of out-of-work Americans won’t ever… More
People wearing masks avoid social distancing as they wait in line to enter Target in Herald Square amid the coronavirus pandemic on May 16, 2020 in New York City.Alexi Rosenfeld | Getty ImagesCheck out the companies making headlines in midday trading. Target — Shares of Target jumped almost 12% to hit an all-time high after the retailer’s… More
A sudden turnaround from record low interest rates last week caused a pullback in mortgage refinance demand.That pulled total mortgage application volume down 3.3% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) increased rather abruptly… More
A man walks outside of a Walmart in China.Tomohiro Ohsumi | Bloomberg | Getty ImagesWalmart’s online shopping strategy is paying off in China, arguably one of the most developed e-commerce markets in the world.The giant discount retailer reported Tuesday that net e-commerce sales in China grew 104% from a year ago in the three months ended… More
Noel Hendrickson/Getty ImagesHave you found yourself daydreaming about, or even looking for, that next new home? With interest rates at historically low rates and people stuck at home with the enhanced ability to work remotely, many people find themselves actively hunting for that next place to call home.Home sales have been steadily increasing in recent… More
The number of empty apartments for rent in Manhattan soared to their highest level in recent history, topping 13,000, as residents fled the city and landlords struggled to find new tenants.The number of apartments for rent, or listing inventory, more than doubled over last year and set a record for the 14 years since data… More
Two straight weeks of record low mortgage rates brought consumers back to their lenders, but rates may now be reversing course.Mortgage application volume rose a significant 6.8% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. This after they pulled back slightly the week before.The average contract interest… More
Nima Ghamsari, co-founder and chief executive officer of Blend, speaks during the Sooner Than You Think conference in Brooklyn, New York, Oct. 16, 2018.Alex Flynn | Bloomberg | Getty ImagesDigital lending start-up Blend raised $75 million in fresh funding amid surging demand for streamlined mortgage applications during the coronavirus pandemic.The move values the company at almost… More
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