Data compiled by S&P Case-Shiller showed that home prices across 20 major US cities rose by 5.10% on a non-seasonally adjusted annualized basis. Besides beating expectations of 5.00% growth, October’s growth data puts US residential housing prices at record highs, beating records reached back in 2006 before the bubble burst. Although concerns remain as to whether the recent streak can last.
According to the Conference Board, US consumer confidence rose to 113.7 in December versus 109.4 in November, reflecting improved sentiment ahead of the inauguration of President-elect Donald Trump next month. Equities were able to harness the optimism, with Nasdaq futures climbing to a new intraday record while the S&P 500 and Dow Jones Industrial Average also booked modest gains.