REUTERS/Jorge Dan Lopez
First, the scoreboard:
- Dow: 15,680.3, +111.4, +0.7%
- S&P 500: 1,771.9, +9.8, +0.5%
- NASDAQ: 3,952.3, +12.2, +0.3%
And now the top stories:
- Retail sales were a bit weaker than expected in September. Headline sales fell by 0.1% from the previous month largely due to the drop in auto sales and decline in gas prices. Excluding autos and gas, sales increased by just 0.4%; economists were looking for a 0.5% gain. "Electronics sales were probably helped significantly by the introduction of the new iPhone-adding 0.1-0.2 pct pt to retail sales growth," said UBS's Kevin Cummins on Friday.
- The incredible U.S. housing market continues show strength. The 20-city S&P Case-Shiller home price index increased by 0.93% month-over-month in August and 12.82% year-over-year. The y-o-y gain represented the fastest pace of growth since February 2006.
- The Conference Board's reading of consumer confidence was much worse than expected with the headline index plunging to 71.2 in October from 79.7 in September. Economists were looking for a reading of 75.0. "Consumer confidence deteriorated considerably as the federal government shutdown and debt-ceiling crisis took a particularly large toll on consumers' expectations," said the Conference Board's Lynn Franco.
- LinkedIn and Yelp announce earnings after the
closing bell . Follow the releases live - Don't Miss: NOBEL PRIZE WINNER FAMA TO CNBC'S SANTELLI: 'There's So Much Confusion In What You Said It's Difficult To Answer' »