Optimism over a possible deal to avoid the fiscal cliff gave the markets a bit of a boost today, following remarks by House Speaker John Boehner and President Barack Obama who said he hopes to reach a deal before Christmas.
On the economic front, the Commerce Department said new home sales fell 0.3 percent in October, to a seasonally adjusted 368,000, falling short of economists' expectations.
Meanwhile, the Mortgage Bankers Association is reporting a drop in mortgage applications last week, down 0.9 percent on a seasonally adjusted basis.
Shares of Costco (NASDAQ:COST) are sharply higher today after the company beat sales expectations and also announced a special dividend of $7 per share.
Green Mountain Coffee Roasters (NASDAQ:GMCR) also rallied today after the company posted a better than expected outlook for the upcoming fiscal year.
Tomorrow, we'll take a look at the numbers for weekly jobless claims, chain store sales as well as earnings from Tiffany (NYSE:TIF).
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