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Afternoon Note

Housing Prices Continue to Rise

By Charles Payne, CEO & Principal Analyst
9/23/2020 1:47 PM

The major indices are down slightly, as big momentum names are getting hit again. The Dow was up 170 points before reversing.  FAANG are all down. Tesla (TSLA) is 5% lower after CEO Elon Musk said it could be 3 years before it can reduce the cost of its batteries.  Governor Newsom of California signed an executive order requiring all new cars sold by 2035 have zero emissions. Maybe that will boost TSLA and other electric vehicle makers. 

Only two sectors in the green.  Hopes for a Covid vaccine is helping lift the Healthcare sectors. Energy is the laggard.

S&P 500 Index



Communication Services (XLC)



Consumer Discretionary (XLY)



Consumer Staples (XLP)



Energy (XLE)



Financials (XLF)



Health Care (XLV)



Industrials (XLI)



Materials (XLB)



Real Estate (XLRE)



Technology (XLK)



Utilities (XLU)




Breadth is negative and decliners are outpacing advancers. New 52-week highs are about even on the Nasdaq, while lower on the NYSE.

Housing prices are on the rise again.  The average prices of single-family houses in the United States rose 1% percent in August from July, and was the June’s 1% rise, the largest gain since March 2013. From May and July 2020, prices rose 2%, the biggest two-month price increase since 1991 when the index tracking began. Record-low mortgage rates and people moving from the cities is continuing to drive demand and prices. Year-over-year housing prices have increased 6.5%.

The greenback is up to 94.3 as investors flock to the U.S. safe haven currency amid concerns of another round of Covid and slowing economic growth re-emerge.



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