Home prices jumped way up in March. And Marty McFly’s time machine gets a sibling. President Biden met with Fed chair Jerome Powell at the White House today and pledged to keep the central bank independent.
The Dow fell 222 points to close at 32,990
The Nasdaq lost 49 points.
The S&P was 26 points lower on this Tuesday.
Home prices were 20% higher in March than they were in March of 2021. The new S&P Case Shiller Home Price Index shows rising mortgage rates did not slow down rising home prices. The 30-year fixed rate mortgage right now stands at 5.1%.
With inflation hitting Americans’ wallets, supermarkets and distributors are pushing back on higher prices from food makers. Kroger and other grocery chains are asking brands to prove why higher prices are necessary before accepting them. They warn manufacturers – negotiate better prices or we’ll stop carrying your goods.
No, we didn’t go back to the future. This is the brand new DeLorean Alpha5. The same company that incorporated the flux capacitor into its vehicle… just showed off its new concept car. Production begins in 2024. Just don’t drive it 88 miles per hour…
From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.