Stocks continue to trade at record highs. The Dow gained 84 points to 22,641 on weak volume. Banks continue to trend higher as do material stocks like aluminum and steel.
Car sales in September moved higher thanks in part to buyers replacing water logged vehicles in the Houston area where sales jumped 109% in the three weeks after Hurricane Harvey. Nationwide, GM reported a 12% jump in sales and the company’s chief economist Mustafa “Motor King” Mohatarem noted that the main driver of car markets is overall strength in the US economy and not so much storm related buying. Sales at rival Ford were up 8.7% led by a 21% increase in F series pickups while Fiat Chrysler posted a 10% decline due to lower fleet sales. Toyota came in with a 15% gain and Nissan sales rose 9.5%.
Home builder Lennar reported earnings and while the top line sales figure was up 15% the net profit number gained 5% which was better than expected. The company was affected by the weather in Florida and Texas which will delay some homes being delivered by overall the report indicated a robust housing market with orders and prices for new homes up more than expected.
What do you call a bear with no teeth? A gummy bear! Haha