Midday Update: Nasdaq Jumps to Record as Tech Leads, Retail Earnings Strong
After last week capped the second straight that saw the benchmark indexes notch losses, stocks are making a strong rebound Tuesday.
Retail earnings offered a bright spot in the otherwise dim sector Tuesday as both Urban Outfitters (URBN) - Get Report and Lowe's (LOW) - Get Report topped analyst expectations for the third quarter. Urban stock jumped early on after the clothing and lifestyle retailer posted an earnings and revenue beat. Same store sales increased 1% and overall sales topped last year's third quarter by 3.5%.
Existing Home Sales for October totaled 5.48 million, increasing 2% and topping Wall Street's consensus estimate of 5.43 million. Sales are now at their strongest pace since June. The median price of a home last month was $247,000, up from $234,100 in October 2016. The price increase marked the 68th-straight month of year-over-year gains, according to the National Association of Realtors.
In an otherwise quiet holiday week on the economic calendar, Federal Reserve Chair Janet Yellen will be speaking at New York University Tuesday evening. It's her first appearance since announcing she'll leave the central bank once her tenure as chair is over in February. Investors will listen closely for hints about upcoming rate hikes from the Fed - the next of which nearly unanimously expected in December.
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