Transcripts

The Beige Book Brings Some Green To Wall Street

SUSIE GHARIB: Stocks on Wall Street rallied today on encouraging reports on the economy. The Dow jumped 90 points and the NASDAQ rose 16. Most of the buying followed the afternoon release of the Federal Reserve's beige book, which showed moderate economic growth in most regions of the country. Investors also applauded news this morning that the nation's gross domestic product grew 2.2 percent in the third quarter, well ahead of the earlier estimate of 1.6 percent. But new home sales fell 3.2 percent in October, the biggest drop in three months. However the median price of those homes rebounded, up almost 2 percent to more than $248,000.