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Pending Home Sales Higher For Ninth Consecutive Month
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6.
New Residential Construction Spending +4.4%. Commercial Building -3.7%
Construction spending in October was estimated at a seasonally adjusted annual rate of $910.8 billion, nearly the same as the sharply revised for the worse September estimate of $910.4 billion (was 940.3 billion). Residential construction was at a seasonally adjusted annual rate of $250.3 billion in October, 4.4% above the revised September estimate of $239.7 billion and th e largest rise since March 1998.
ISM, Construction Spending, Pending Home Sales
As of 7:15, equities are firmly higher. The Dow looks to open 76 points higher at 10,410 while futures on the S&P 500 are up 8.75 points to 1,104. Spot Gold has hit record highs overnight and now trades up $14.96 at $1,194.56. WTI Crude oil is up $1.01 but remains below the $80 threshold at $78.29 per barrel.
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