The Latest Conference Board Consumer Confidence Index was released this morning based on data collected through November 13. The headline number of 88.7 was a surprising drop from the revised October final reading of 94.1, a downward revision from 94.5. Today's number was well below the Investing.com forecast of 95.9.
A New York Fed research paper wonders, "What’s Keeping Millennials at Home? Is it Debt, Jobs, or Housing?" The paper says "it's a mystery" why the housing recovery did not have a bigger impact on millennials living at home.
The positive GDP report should help the market maintain its positive momentum in today’s session. Stocks have been steadily building on their record level in recent sessions, and today will likely be no different.
Interest rates are low, so stock valuations should be high. After all, a lower discount rate means that company cash flows are worth more; hence, a higher stock price. And the higher yield offered by equities makes them more attractive than low yielding treasuries, another reason to pay up for stocks.
When is this gold bear market going to end? There’s a question to which we’d all like to know the answer. I actually have gold and gold stocks on a short-term buy signal at the moment. They’re bouncing from oversold levels, as I suggested last week they would.
Stocks today are expected to continue the positive momentum from last week, pushing the major indexes even deeper into record territory. Positive data out of Germany and more follow-through from China’s surprise rate-cut last week should help...
Latest net foreign inflows to U.S. markets came in the highest on record as incoming data suggests U.S. economic growth to accelerate. The Russell 2000 and the junk bond market also appear to be stabilizing.
Today’s market promises to be one of those nice global central bank-driven rallies that we have become accustomed to seeing in recent years. The Chinese central bank is the main driver today, though positive commentary from Mario Draghi is also adding to bullish sentiment.
There is now a very interesting initiative on the Swiss ballot, which will require the Swiss National Bank (SNB) to hold 20 percent of its reserves in gold. The voters will decide on November 30. I won’t predict the vote, but I want to discuss the likely impact of a yes vote.
The Latest Conference Board Leading Economic Index (LEI) for October is now available. The index rose 0.9 percent to 105.5. September was revised downward to 104.3 percent (2004 = 100). The latest number came in above the 0.6 percent forecast by Investing.com.