The investors who are keeping a strong eye on the economic indicators coming from the side of the U.S. economy, remained confused today where the building permits along with the S&P composite housing price index both showed a healthy improvement in the past month where nearly 1.03 million building permits were issued against the previously recorded figure of 0.97 million.
This shows that the housing sector in the United States is utilizing its growth potential to a great extent and is growing; however, this positive outcome was offset by the CB Consumer confidence data that where the figure dropped down to 70.4 from previous 72.4 level. The interpretation for this indicator is that the consumers in the U.S. economy are having trouble with purchasing power as more focus is on savings, plus even during this month of Halloween and Black Friday the consumers are not that enthusiastic about shopping as they were in the past years.
Wall Street and Gold
The fluctuation in the Wall Street was definitely there, but the markets didn’t move much and are still playing in a very short range where the S&P 500 index is trading at 1802 level, where the outlook is still bullish. On the other hand, gold slumped today after testing 1257 and is currently hovering at 1242 area as the investors keep bearish sentiment on the metal.
Tiffany & Co. gained massively today as 7.9% increase was recorded in its stocks as the jeweler giant company released its profits that were far better than the estimates made by the analysts. Moreover, the company has forecasted that it would be adding new jobs as well very soon, which was taken a very positive signal by the investors.
Investors can go long on Tiffany shares as they have a good opportunity based on this news and as well as the Black Friday and Cyber Monday shopping scene, where the company might be enjoying with more sales and profits for this and next month.
To contact the reporter of this story: Jonathan Millet at email@example.com