The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
It’s been a promising follow-up session today after yesterday’s big gains, with the Dow Jones and S&P 500 both rising, the latter hovering around 10 points from its all-time high, freshly set on Monday.
By early afternoon in New York, the Dow was up 0.22% at 16,242 and the S&P had risen 0.12% to 1848.9. Home improvement retailer and Dow component Home Depot reported fourth-quarter earnings of 73 cents per share, beating forecasts of 71 cents per share and also announced a 21% increase in its quarterly dividend, which helped lift the company’s share price 3%.
Home Depot has benefitted from the US housing recovery these last few years and two reports today show house prices continue to rise, albeit at a slower pace. The FHFA said home prices advanced 0.8% in December and Case-Shiller’s 20-city home price index rose the same amount on a seasonally-adjusted basis.
Macro data has on the whole disappointed again today, though, with consumer confidence dipping in February to 78.1 from January’s 79.4., while the Richmond Fed reported a decline in manufacturing activity in its regional survey.