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The Market Wrap for October 27: Housing Market Came Around

Asif Imtiaz Oct 27, 2017


Investors decided to take some profits off the table this week and it caused the bullish momentum to take a hike on a number of occasions, but key economic indicators still signaled strength in the broader economy.

Although the equity markets took a breather now and then, the Dow still made a new record high once again on Tuesday, reaching above 23,441 for the first time. So, no alarm bells for the time being.

In fact, some good news – in terms of rising new home sales – from the housing sector kept markets poised for more growth this quarter, so did the core durable goods orders as it came out much better than the estimates.

To sum up, the bullish momentum appeared to be a bit shaken, but, to say the least, we mostly had an upbeat market this week.

Be sure to check out our previous week’s edition here, in which investors appreciated bipartisan efforts.

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