U.S. stocks achieved record highs fueled by optimism about China's economic stimulus and advancements in AI, leading to significant advances in major indices like the Dow and S&P 500.
Despite record stock gains, U.S. consumer confidence fell to its lowest in two years, raising concerns about potential recession signals as labor market sentiments declined.
Inflation showed signs of stabilization, with the core PCE price index rising only 0.1% in August, indicating a year-over-year increase of 2.2%, aligning near the Federal Reserve's target.
The housing market reports mixed signals, with new home sales dropping by 4.7%, while refinancing activity surged due to falling mortgage rates, marking the highest level since April 2022.
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