Economic news was light today with just a reading from the National Association of Home Builders reporting that its Housing Market Index was steady in November at 54, just below the 55 that was expected. The number for October was revised to 54 from 55. It was the sixth consecutive month that builders viewed market conditions as good rather than poor as readings above 50 signal conditions are positive.
A recent survey conducted by Nielsen revealed that fewer shoppers will be out on Black Friday. Nielsen said in its Holiday Shopping Spending Forecast study that 85% of customers plan on skipping the stores the day after Thanksgiving this year. Instead, nearly half (46%) said they will shop online on Cyber Monday (December 2), compared with 30% in 2012.
The closely watched S&P 500 Stock Index hit yet a new milestone in todays trading, hitting a record high of 1,802. That is a near 30% increase this year and up a whopping 170% since the lows hit back in March of 2009 at the height of the financial crisis. The rise has been due in part to an improving economy, positive corporate earnings, and the Federal Reserve's Quantitative Easing Program.
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