Driving the Day: 11/8/12

Nov 8, 2012

Need to know…

  • Markets Drop After Election. Following President Obama's re-election and with a continuing economic crisis in Europe, stock markets fell on Wednesday. The S&P 500 and the Nasdaq fell about 2.4%, as did the Dow Jones industrial average, which had its worst day of the year on Wednesday. European markets were also down. Every major market indicator shows investor uncertainty about the country's (and the world's) economic future, with greater market volatility on the horizon.
  • House Leader Opens Door to ‘New Revenue’ to Curb Debt. House Speaker John Boehner on Wednesday offered a potential path to compromise, saying Republicans are “willing to accept new revenue” to tame the soaring national debt and avert an ugly battle over the approaching “fiscal cliff.” While Boehner suggested that Republicans would still oppose Obama’s plan to take “a larger share of what the American people earn through higher tax rates,” he said the party is open to “increased revenue . . . as the byproduct of a growing economy, energized by a simpler, cleaner, fairer tax code, with fewer loopholes, and lower rates for all.”
  • Shale Drilling Drives Oil Boom. U.S. oil production has grown to its highest point in almost 18 years, reports the Energy Department. The shale drilling boom has increased output to 6.68 million barrels a day, the largest amount since December 1994. North Dakota production rose 31%, with notables gains also in Texas and Oklahoma.  Meanwhile, crude imports have fallen 11%. The rising energy production allowed the United States to meet 83% of its energy needs for the first half of 2012.
  • Home Prices Rise in Q3. U.S. housing prices rose 7.6% in the third quarter, the largest year-over-year increase since 2006, reports the National Association of Realtors. The median price for a single-family home was $186,000 in Q3, with home prices rising in 120 metropolitan areas, up from 39 a year ago. Modest improvements in the national economy, coupled with low housing prices and rising rent, is driving the housing market recovery.

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