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S&P 500 Hits 5-Week High, Despite Increase in Mortgage Rates
The S&P 500 rose to a five-week high on Wednesday, despite mortgage rates in the U.S. climbing higher.
Figures in today’s session showed that rates rose to 7.16% last week, which is the highest point it has hit since 2001. Today’s data follows on from Tuesday’s report that showed nationwide house prices dropped by 1.3% in August.
This is the biggest monthly decline since the housing crash that led to the 2008 recession.
Nevertheless, the S&P 500 surged to its highest point since September 20th earlier in today’s session.
Alphabet Stock Falls, Following Q3 Earnings Disappointment
Shares in Alphabet, the parent company for Google were down in today’s session, following a disappointing earnings call.
The company held its earnings call for Q3 after yesterday’s closing bell, with revenue for the quarter failing to meet expectations.
Alphabet reported revenue for the quarter came in at $69.09 billion, which was lower than the estimate of $71.34 billion.
This came on earnings of $1.06 per share, which was lower than the $1.28 markets had expected.
As of writing this, the stock is trading 9.21% lower.
WTI Crude Oil Nears 2-Week High
WTI crude rose to a two-week high on Wednesday, as oil inventories rose by more than expected.
Figures from the Energy Information Administration revealed that crude inventories rose by 2.588 million barrels last week.
This was substantially higher than the market expectation for an increase of 1.029 million barrels during the same period.
In addition to this, a weakening USD also contributed to the decline, as importation cost has lessened, thus boosting demand.
"If you don't find a way to make money while you sleep, you will work until you die."
Warren Buffett
Eliman Dambell
Senior Market Analyst
