The major headlines in the stock market today include: Housing prices continue to rise, consumer confidence strengthens and these two stocks are sending hints to investors.
- Housing prices boost stocks– The S&P Case-Shiller national home price index which measures 80% of the U.S. housing market rose 1.6% in July from the previous month. Prices reached levels not seen since the summer of 2003, before the housing market reached its peak. The index is up 1.2% from a year earlier and July marked the third straight month that prices improved in all 20 markets the index covers. Year-over-year 16 of the 20 cities saw rising prices led by Phoenix with a 17% increase. "All in all, we are more optimistic about housing," David Blitzer, chairman of the S&P index committee, said in a statement. "Stronger housing numbers are a positive factor for other measures including consumer confidence."
- Consumer confidence rises on job hopes– The consumer confidence index rose to 70.3 in September from August's 61.3 level. The index is at its highest level since February as consumers become optimistic towards jobs and the economy. The expectations index rose to 83.7 from 71.1 and the number of people who expect more jobs in the future increased to 18.5% from 15.8%. "That was a pretty strong reading," Eric Viloria, senior currency strategist at Forex.Com in New York told Reuters. "As confidence increases, that could be a good thing for personal consumption and spending moving forward, which also helps the economy because consumption makes a large portion of GDP."
In the stock market today here's one winner that's continuing a six-month hot streak, and one loser that could be on the verge of a rocky year.