Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.7%), Nasdaq Composite (+2.3%), and DJIA (+1.3%) maintain their solid early strength as mega-caps outperform amid a backdrop of nearly ubiquitous participation. 

Meanwhile, the Russell 2000 (+1.3%) and S&P Mid Cap 400 (+1.3%) also hold nice gains as the market displays a clear risk-on positioning today. 

Existing home sales increased 1.2% month-over-month in October to a seasonally adjusted annual rate of 4.10 million (Briefing.com consensus 4.08 million) from a downwardly revised 4.05 million (from 4.06 million) in September. Sales were up 1.7% on a year-over-year basis.

The key takeaway from the report is that home sales in October were aided by lower mortgage rates, yet limited inventory in some regions, combined with high prices in others, got in the way of stronger selling activity.