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Market Update

U.S. Home Price Index Rises, Retail Sales Lag on Weak Auto Sales

Author: Nichole Harper
Last Update: 11:25 AM ET October 29 2013

11:20 AM New York U.S. indexes wavered after total retail sales declined on weak auto sales. Metropolitan home price index rose across all 20 large cities and prices in Las Vegas jumped the most in several years.

Market indexes in early trading in New York wavered after the release of retail sales and home price index for metropolitan areas.

Investors also awaited the outcome of the two-day policy meeting at the Fed that began today.

S&P 500 index increased 0.2% to 1,765.76 and the Nasdaq Composite Index fell 0.8 to 3,939.31.

In European markets, FTSE 100 index gained 0.5%, DAX index added 0.2% and CAC 40 index advanced 0.5%.

In Asia, Nikkei index declined 0.5% and market indexes in Hong Kong and Shanghai gained 0.2%. Market indexes in Thailand gained 0.4% and in Indonesia dropped 0.9%.

In Mumbai, Sensex index soared 1.7% after Reserve Bank of India increased repo rate and lowered the economic outlook for the current fiscal year to 5% from 5.5%.

Retail Sales Lag on Auto Weakness

Total retail sales declined 0.1% in September on weak auto sales, Commerce Department said today.

Retail sales increased 0.4% excluding auto sales following 0.1% rise in August.

Consumers showed willingness to buy the latest electronic gadgets and spent money on home improvement projects but auto sales suffered in the last two weeks in the month as the government shutdown approached.

Sales at auto dealers declined 2.2% after rising at 0.7% in the prior month, report released by the government showed.

Retail sales adjusted for auto, fuel and building materials, the data used in the calculation of gross domestic product, increased 0.5% after rising 0.2% in the prior month.

Wholesale prices in the U.S. unexpectedly declined in September on a slight decline in food prices.

Producer prices declined 0.1% following 0.3% increase in the previous month, according to data released by the Labor Department.

Home Price Index Rises

U.S. single family home prices increased in August at the fastest annual pace in seven years, according to the S&P/Case Shiller composite index of 20 metropolitan areas.

The index increased 0.9% on a seasonally adjusted basis after prices increased 0.6% in July. On a non-adjustable basis, prices increased 1.3%.

From a year ago, home prices increased 12.8% in the month on a rise in prices across all 20 cities.

Las Vegas led the price increase with a surge of 29.2% followed by a 25.4% increase in San Francisco. Prices in Las Vegas soared 2.9% on a monthly basis, largest monthly increase since August 2004.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc