The Dow ended the week off 28 points to 24,754 on trading volume that was lower than a cougar fan after the apple cup. For the week the Dow was up 0.4% or about 103 points. Markets will be closed on Monday for Christmas.
As we head into the Christmas weekend there are some economic reports of note. The University of Michigan survey of consumer attitudes showed that consumer confidence slipped more than expected in December. The reading soared to 101.1 in October but since then has trailed off to 95.9.
The Commerce Department reported that sales of new US single family homes rose unexpectedly in November to a 10 year high. Sales jumped 17.5% to a seasonally adjusted annual sales rate of 733,000 units.
The National Association of Home Builders’ index surprisingly jumped 5 points to a reading of 74 which is the highest level in 18 years dating back to 1999. The number came in well ahead of expectations and builders cited tight inventory of existing homes for sale coupled with regulatory and tax relief as reasons for the optimism.
Citing an improved business climate and the tax overhaul, Bank of America announced a $1,000 bonus to all its employees who earn under $150,000 per year which is about 145,000 folks. B of A has about 210,000 employees in total.