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Stocks rise...New home sales plunge...Economy expands at brisk pace

November 28, 2018

NEW YORK (AP) — Stock indexes are higher in morning trading on Wall Street. Software maker Salesforce is leading a rally in technology companies. Health care stocks are also gaining. Luxury retailer Tiffany is dropping after it said tourists from China pulled back on spending in its latest quarter, hurting its sales. Federal Reserve Chairman Jerome Powell will give a speech later in the day, and investors who are worried about slowing economic growth will look for hints the Fed might be willing to raise interest rates at a slower pace.

WASHINGTON (AP) — Sales of new homes plummeted 8.9 percent in October, as the number of newly built, unsold homes sitting on the market climbed to its highest level since 2009. The Commerce Department says new homes sold at a seasonally adjusted annual rate of 544,000 last month. New-home sales have declined in four of the past five months. Over the past 12 months, sales of new homes have dropped 12 percent as higher mortgage rates have caused would-be buyers to back away. The median sales price has fallen 3.1 percent from a year ago, to $309,700.

WASHINGTON (AP) — The U.S. economy expanded at a solid 3.5 percent annual rate in the July-September quarter, led by lower but still strong consumer spending and more business investment than previously estimated. The Commerce Department’s figure for gross domestic product, the broadest measure of the nation’s output of goods and services, was the same as its first estimate last month. Greater corporate investment offset downward revisions in spending by state and local governments and consumers. The third-quarter figure follows a robust expansion of 4.2 percent in the April-June quarter.

NEW YORK (AP) — The National Basketball Association has reached a deal to provide official league data to licensed sports betting providers. In an agreement announced this morning, the NBA is partnering with Sportradar and Genius Sports to distribute NBA betting data to sports betting providers in the U.S. Sports leagues that once vehemently fought against the prospect of sports betting are increasingly seeking to get in on it now that it’s legal.

SALEM, Ore. (AP) — A U.S. government agency and Oregon officials are telling a California winery to back off its claims it makes an Oregon pinot (pee-NOH’). Copper Cane, a Napa Valley, California winery, sells more pinot noir made from Oregon grapes than anyone else, and often at a lower price. That has some Oregon winemakers seeing red. Now, both the U.S. Alcohol and Tobacco Tax and Trade Bureau and Oregon’s liquor agency have ruled that Copper Cane’s labels have been improperly referencing official Oregon wine regions.

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