TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Wednesday, December 27th.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange.
Stocks were in the green to close out today's session. The Dow closed up 111 points, the Nasdaq closed up fractionally, and the S&P closed also closed fractionally higher. Markets are looking to close out the year in the green as the S&P 500 inches toward a record high. Investors are looking ahead to jobless claims out Thursday. This is the final labor report of 2023 and will give markets a clearer picture of how the job market is faring heading into the new year.
Turning to real estate - the latest data shows the housing market is still a mess for prospective home buyers. U.S. home prices rose again in October, marking the ninth straight month of increases. Data from the new S&P CoreLogic Case-Shiller US National Home Price Index tracked home prices in 2023 from August through October. And, despite interest rates increasing by almost a full percent over the three-month period, historically low inventory continued to drive up home prices by 0.6 percent - and prices are up almost 5 percent year-over-year.
As usual, some places have it tougher than others. The new data shows Detroit seeing the largest annual increase at 8.1 percent. It’s followed by San Diego and New York - but coming in at just over a 7 percent gain. The Midwest and Northeast are, overall, the fastest-growing regions in the country. And despite interest rates falling to their lowest level since June, CoreLogic expects home prices to continue to reach new highs in 2024.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
