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The Federal Reserve said yesterday that it will not begin to pull back on its massive Bond purchase program that is geared towards promoting economic and job growth. The news sparked a massive rally in both the Stock and Bond markets as the S&P 500 (1,725) and the Dow (15,676) both closed at record high levels.
In today’s economic news, the National Association of Realtors reported that Existing Home Sales rose to a six year high in August to an annual rate of 5.48 million units. That was above the 5.30 million expected and up 1.7% from July to August as the sector continues to strengthen, despite the recent rise in home loan rates. The median home price has now risen nearly 15% from a year ago to $212,100.
Over in the manufacturing sector, the Philadelphia Fed Index surged to 22.3 in September, well above the 9.0 expected and up from the 9.3 recorded in August. Respondents in the survey were positive on general activity, new orders, shipments and employment. Any reading above 50 indicates expansion in the region’s manufacturing.