TheStreet's JD Durkin brings the latest business headlines from the New York Stock Exchange as markets open for trading on Friday, March 22.
Full video transcript below:
JD DURKIN: I'm JD Durkin, reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
stocks are coming off a strong session with all three major averages closing at all-time highs for the second day in a row. This optimism came after Federal Reserve Chair Jerome Powell signaled interest rate cuts in 2024. Markets are pricing in a 60 percent chance the Fed will make its first rate cut in June .
In other news, home sales rose much more than expected in February. According to the National Association of Realtors, existing home sales are up 9.5 percent from January, with 4.38 million units sold, despite the shorter month. It is the second consecutive month of sales growth and the largest month-over-month increase in 12 months.
The increase in sales comes even though home prices remain high. The NAR reported that the median price of an existing home was $384,500 in February, a year-over-year increase of 5.7 percent. From the new data – wrote the chief economist of the NAR appointment “Demand for housing has steadily increased due to population and employment growth, although the actual timing of purchases will be determined by prevailing mortgage rates and a greater variety of inventory.”
Total housing inventory increased 5.9 percent from January to February, and is up more than 10 percent since February 2023. However, mortgage rates saw an increase after two weeks of declines: they are at the 6.87 percent and economists do not see them falling below 6 percent in 2024.
That will be enough for your daily report. From the New York Stock Exchange, I'm JD Durkin of TheStreet.
