Page 25 - ARUBA TODAY

BUSINESS Wednesday 29 november 2017
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US home prices leapt in September by the most in 3 years

By CHRIS RUGABER a year earlier, the largest ing back to 2001, accord- Vegas, one of the hardest- the economy is growing at
AP Economics Writer gain since June 2014. In ing to the National Associa- hit cities in the housing bust, a solid clip, fueling demand
WASHINGTON (AP) — U.S. 13 of the 20 cities tracked tion of Realtors. And home has been making a come- for homes. Mortgage rates
home prices rose at the by the index, yearly price builders aren’t yet putting back since prices bot- also remain historically low,
fastest pace in more than gains in September were up enough new homes to tomed out in 2012. with the average rate on a
three years in September, faster than in August. reduce the supply crunch. Home prices rose in all 20 30-year mortgage below 4
lifted by a record-low sup- Home buyers are desper- Seattle, Las Vegas and San cities. The smallest gains percent.Yet Americans are
ply of houses for sale. ately bidding up prices Diego reported the high- were in Washington D.C., remaining in their homes
The Standard & Poor’s because so few properties est year-over-year gains. where prices rose 3.1 per- longer, according to a re-
CoreLogic Case-Shiller na- are available. The number Home prices jumped 12.9 cent; Chicago, with a 3.9 cent survey by the Realtors.
tional home price index of homes for sale in Sep- percent in Seattle, 9 per- percent gain; and Miami, Many are reluctant to sell
released Tuesday rose 6.2 tember was the fewest for cent in Las Vegas and 8.2 at 5 percent. because there are so few
percent in September from that month on records dat- percent in San Diego. Las Unemployment is low and other homes to buy.q
Banks power solid gains for US stocks, more record highs

By ALEX VEIGA ry, nobody has losses,” said
AP Business Writer Mark Chaikin, founder of
Banks led a broad rally in Chaikin Analytics. “Given
U.S. stocks Tuesday, lifting seasonal patterns, I expect
the market to a milestone- that we’ll see the market
shattering finish. strong into year-end.”
Gains by industrial stocks, The S&P 500 index rose
retailers and health care 25.62 points, or 1 percent,
companies also helped to 2,627.04. The Dow Jones
drive the major stock in- industrial average gained
dexes to record highs. 255.93 points, or 1.1 per-
Investors were encour- cent, to 23,836.71. The
aged by news that a Sen- Nasdaq composite added
ate committee cleared the 33.84 points, or 0.5 percent,
way for a tax reform bill to to 6,912.36. The Russell 2000
go before the full Senate. index of smaller-company
Financial stocks also got a stocks picked up 23.12
boost from Federal Reserve points, or 1.5 percent, to
chair nominee Jerome 1,536.43.
Powell, who told another Gainers outnumbered de-
Senate committee that the cliners more than 2 to 1
Fed would consider easing on the New York Stock Ex-
up on bank regulations. change. Trader John Panin works on the floor of the New York Stock Exchange. Banks led a broad rally in
Encouraging economic Early on, investors had their U.S. stocks Tuesday, lifting the market to a milestone-shattering finish.
data and the latest batch eye on Washington, where (AP Photo/Richard Drew)
of company earnings and the Senate Budget Com- now advances to the full next Fed chairman, he ex- confidence.”Banks and
deal news also helped mittee weighed the cham- Senate. GOP leaders hope pected the central bank other financial stocks had
drive the rally, which gave ber’s version of a sweep- to have the Senate take it to continue raising interest their best day since March.
the Standard & Poor’s 500 ing tax bill. The committee up later this week. rates gradually.Powell also The sector is up 15.2 per-
index its best day since voted 12-11 to pass the Re- Another panel, the Senate said that, under his leader- cent this year.JPMorgan
Sept. 11. publican tax plan late Tues- Banking Committee, drew ship, the Fed would con- Chase and Bank of Amer-
“When you’re in a market day afternoon. The sweep- the spotlight early on as it sider ways to ease the reg- ica notched their gains
where you’re at new highs ing measure, which would heard testimony from Pow- ulatory burdens on banks since April. q
with the averages, in theo- lower corporate tax rates, ell, who has been a mem- while preserving the key
AP: Meat-loving Arby’s to buy ber of the Fed’s board reforms Congress passed
Buffalo Wild Wings for $2.4B since 2012 and is expected to try to prevent another
to win confirmation to suc-
financial crisis.
NEW YORK (AP) — Arby’s and taken private.Atlanta- ceed Janet Yellen. “Powell’s testimony basi-
In written testimony re-
cally said that he’s a Ja-
said Tuesday that it is buy- based Arby’s, known of its
ing Buffalo Wild Wings for meaty sandwiches, said leased before the start of net Yellen on steroids,”
the hearing, Powell said said Chaikin. “His testimony
about $2.4 billion, making it Buffalo Wild Wings will op-
the latest casual restaurant erate as an independent that, if confirmed as the gave the market a lot of
chain to be taken private. brand. Arby’s is majority
Buffalo Wild Wings, which owned by private equity
serves chicken wings in a firm Roark Capital Group,
sports bar-like atmosphere, which also has investments
has reported falling sales in other chains, including
as it and other casual res- Hardee’s.Arby’s Restaurant
taurants lose customers to Group Inc. said it would
cheaper and faster chains. pay $157 for each share
In the most recent quarter, of Buffalo Wild Wings, a
it reported a 2.3 percent 7 percent premium to its
sales drop at its established Monday closing price of
restaurants.Last month, $146.40. The companies
struggling sit-down chain value the transaction at
Ruby Tuesday Inc. agreed $2.9 billion, when debt is in-
to be sold for $146 million cluded. q