Wednesday, 27 November 2013

US stocks flat as housing shows further signs of recovery

US stocks were flat on Tuesday, with the S&P 500 pulling back after touching an intraday record earlier in the trading session to close largely unchanged.

Stocks were flat despite data on Tuesday showing that the US housing market has continued to recover. Building permits rose 6.2 in October to the highest level in more than five years while the S&P/Case-Shiller index of home prices in 20 cities rose 13.3 percent in September from a year earlier.

However, consumers have become less confident. The Conference Board’s consumer confidence index fell to 70.4 in November from 72.4 in October.

Still, economists surveyed by Thomson Reuters see US auto sales finishing the year at a fast pace and analytics firm ComScore Inc on Tuesday predicted that US e-commerce sales will grow 16 percent this holiday season.

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