Stocks gain on solid earnings news
NEW YORK (AP) — Stocks rose in afternoon trading and pushed major indexes further into record heights as investors review mostly solid earnings.
The S&P 500 was up 0.3%. Big technology companies were doing much of the heavy lifting, and that helped send the Nasdaq up 0.3%. The Dow Jones Industrial Average climbed 0.1%.
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UPS jumped 7.4% after the package delivery service reported results that easily beat analysts’ forecasts. Facebook fell following a weak sales forecast and scrutiny over its corporate practices. Microsoft and Google’s parent company will report their own results after the closing bell.
UNITED PARCEL SERVICE-RESULTS
Higher shipping rates help UPS as Q3 results top Street
ATLANTA (AP) — UPS’ third-quarter results beat analysts’ expectations, as consumers are paying higher rates to have the package delivery company fulfill their shipping needs.
Revenue for the Atlanta-based company improved to $23.18 billion from $21.24 billion. This topped the $22.61 billion that analysts predicted.
In the U.S., revenue climbed 7.4% to $14.21 billion, helped by a 12% increase in revenue per piece. The performance was better than the $14.19 billion Wall Street was calling for.
US consumer confidence rebounds in October after 3 declines
SILVER SPRING, Md. (AP) — U.S. consumer confidence rose in October after three straight declines as the public’s anxiety about the delta variant of coronavirus appear to have abated.
The Conference Board reports that its consumer confidence index rose to a reading of 113.8 in October, up from 109.8 in September.
Consumer spending makes up about 70% of all economic activity in the U.S., so economists pay close attention to the numbers for a better idea of what’s to come for the national economy. Consumers’ view about both the present situation and future expectations also rebounded in October.
NEW HOME SALES
New home sales jumped 14% in September
WASHINGTON (AP) — Sales of new homes jumped 14% in September to the fastest pace in six months as strong demand helped offset rising prices.
The Commerce Department reports that sales of new single-family homes rose to a seasonally adjusted annual rate of 800,000 units last month after sales had fallen 1.4% in August.
The median price of a new home rose to $408,800 in September, up 9.5% from a year ago. Prices are being pushed higher by strong demand and increases being faced by builders who are grappling with shortages of critical building supplies such as lumber.
US home prices surged in August at near-record pace
WASHINGTON (AP) — U.S. home prices jumped in August by a near-record amount from a year earlier, as Americans eager to buy a home drove up prices on a dwindling number of properties.
The S&P CoreLogic Case-Shiller 20-city home price index soared 19.7% in August compared with a year ago, just below July’s 20% jump, which was the largest gain on records dating back to 2000.
Home prices are now at all-time highs in all 20 cities in the index. Home sales have been healthy for most of this year, spurred by an ongoing desire among many people for greater space to wait out the coronavirus pandemic.
GM program to install more EV chargers across US, Canada
UNDATED (AP) — General Motors is planning to install up to 40,000 electric vehicle chargers across the U.S. and Canada as part of a new community charging program.
The vehicle maker says the program will start next year. It will work with its dealers to have the charging stations in locations including workplaces, multi-unit dwellings, sports and entertainment venues and college and universities.
The charging stations will not be limited to those that have GM vehicles. They will be available to anyone that has an electric vehicle, regardless of the brand.
SMALL BUSINESS-HOLIDAY SHORTAGES
“Buy it when you see it.” Retailers dread holiday shortages
NEW YORK (AP) — Smaller retailers are bracing for the all-important holiday season.
The global supply chain has been buffeted by a multitude of problems, from factories having to close due to COVID-19 surges, a lack of containers to ship items in, backups at ports and warehouses, and a shortage of truckers. While bigger retailers like Walmart and Target have the power to buy their own containers, use air freight and take other steps to make sure they get inventory, smaller retailers are at the mercy of their vendors, who are increasingly suspending delivery guarantees and sometimes not communicating at all.
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