In housing news, Existing Home Sales in September fell 1.9% from August as the recent higher prices are cutting back on affordability for home buyers. The number came in at 5.29 million units and just near expectations of 5.30 million. Sales are still up almost 11.% since a year ago this time. The national median price was $199,200 in September, up 11.7% from a year ago.
In corporate news, banking giant JPMorgan has reached a tentative settlement of $13 billion with the Justice Department over allegations that it sold sour mortgages ahead of the financial crisis. The deal includes a $4 billion settlement with the Federal Housing Finance Agency in relief for struggling homeowners and $9 billion in fines.
Dow component and fast food giant reported today that net earnings grew more than expected in the latest quarter, but revenues fell short of expectations while announcing that sales in October will be flat. The company also said that weakness would continue in the forth quarter.
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