Stocks Stall as Home Prices, Online Sales Hit New Highs
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Stocks wavered on Tuesday as investors assessed signs the November rally could be overdone. The S&P 500 and Nasdaq hugged the flatline while the Dow gained just 0.1% in late trading.
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Home prices hit another record high in September, up 0.7% from August. Prices were up 3.9% over the last year despite higher mortgage rates.
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Cyber Monday online sales hit a new record of $12.4 billion, up 9.6% versus last year. Between 10-11 pm Eastern, $15.7 million was spent every minute.
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Consumer confidence ticked higher in November, with the Conference Board's index rising to 102 from 99.1. But recession expectations remain elevated.
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Stocks opened flat on Tuesday as the November rally appears to lose momentum. The S&P 500 dipped 0.1% while the Dow and Nasdaq hugged the flatline after Monday's decline.