S&P marks record close as tech aids gains
The S&P 500 rose 11.65 points to 3,397.16, a fresh high fueled by technology strength and upbeat U.S. economic reports. Dow and Nasdaq also climbed while European data signaled slowdown, with mixed signals from unemployment claims and private sector output. Housing activity beat expectations amid a week of modest gains.
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US home sales surge as rates stay near lows
Silver Spring market notes a July 24.7 percent jump in existing home purchases to a 5.86 million annual rate, aided by 2.99 percent 30 year mortgages per Freddie Mac. The gain follows a spring freeze and highlights an uneven recovery with higher earners buying far from work while renters face job losses and eviction risks amid a federal moratorium expiration.
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City and suburban buyers shift as high prices draw buyers outward
Real estate professionals say New York and San Francisco see more buyers moving to outer suburbs while interest remains strong in urban areas. Zillow notes similar national strength between urban and suburban markets, with inventory drought affecting both. In southern Vermont, Wilmington agent Janet Boyd reports many out of state buyers, about 80 percent, purchasing homes as renters and second-home owners say they feel safer there.
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Amazon retires Jeff Wilke as Dave Clark takes helm
Amazon announces Jeff Wilke will retire early next year after more than two decades with the company. He helped transform Amazon from books retailer to global platform and will be replaced by Dave Clark who runs warehouses and delivery. Clark joined in 1999 and expanded the fleet to speed deliveries. Wilke, nicknamed The Other Jeff, oversaw Amazon.com Whole Foods and physical bookstores.
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