US Markets Boosted by Home Prices
iStock/Thinkstock(NEW YORK) — A robust report on home prices helped drive the markets to new records Tuesday.
The Dow Jones Industrial Average closed up 112 points at 15,683 — an all-time high. The Nasdaq Composite added 10 points for the day, finishing at a 13-year high of 3,952. The S&P 500 rose 10 points to a new high of 1,777.
The latest S&P/Case Shiller index shows home prices surged nearly 13 percent in August. That’s the biggest increase since February of 2006, when home prices hit their peak.
Federal Reserve policymakers have begun their latest meeting, and investors are expecting they’ll extend the Fed’s aggressive economic stimulus program after the government shutdown that’s rattled consumer confidence and possibly crimped growth.
The latest Conference Board’s report says confidence in the economy is sagging. Its index dropped to 71.2 this month, down from 80.2 in September.
A sharp drop in auto sales, caused mainly by a calendar quirk, lowered U.S. retail spending last month. Labor Day weekend sales were considered part of the August numbers.
Copyright 2013 ABC News Radio
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