TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the market fared and why the housing market remains white hot.
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00:00 I'm JD Durkin reporting from the New York Stock Exchange.
00:02 Stocks are in the green to close out today's session. The Dow up 111 points,
00:07 the tech-heavy Nasdaq up fractionally, while the S&P 500 closed also fractionally higher.
00:13 Markets are looking to close out 2023 in the green as the S&P 500 inches toward a new record high.
00:20 Investors are looking ahead to jobless claims out Thursday. It's the final labor report of 2023.
00:26 It will give markets a clearer picture of how the U.S. job market is faring as we head into the new
00:31 year. Turning our attention now to the world of real estate, the latest data shows the housing
00:36 market is still a bit of a mess for prospective homebuyers. U.S. home prices rose again in October,
00:42 marking the ninth consecutive month of increases. Data from the new S&P CoreLogic Case-Shiller U.S.
00:48 National Home Price Index tracked home prices in 2023 between August and October. And despite
00:55 interest rates increasing by almost a full percent over the three-month period, historically low
01:00 inventory continued to drive up home prices by 0.6 percent and prices are up almost 5 percent
01:07 year over year. As usual, some places have it a bit tougher than others. The new data shows
01:12 Detroit seeing the largest annual increase at 8.1 percent. It's followed then by San Diego and New
01:19 York, but coming in at just over a 7 percent gain. The Midwest and Northeast are overall the fastest
01:25 growing regions in the country. And despite interest rates falling to their lowest level
01:29 since June, CoreLogic expects home prices to continue to reach new highs in 2024.
01:35 That'll do it for your daily briefing. From the floor of the New York Stock Exchange,
01:39 I'm J.D. Durkin with The Street.
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