Stocks capped off a strong week with small gains on Friday. The Dow Jones Industrial Average rose 1.81 points to close at 34,947, while the S&P 500 gained 6 points to end at 4,514. The Nasdaq Composite added 12 points to finish the day and week at 14,125.

Mixed Performance for Bonds

Bonds traded mixed but mainly to the downside. The two-year Treasury yield rose five basis points to 4.894%, while the twenty-year yield fell two ticks to 4.80%.

Oil and Gold Prices

Oil recovered most of its losses from Thursday, gaining $3.18 to close at $76.05. Gold, on the other hand, posted a higher high and a lower close, a bearish sign. It closed at $1,984, down $2.60 a troy ounce.

Mortgage Rates Continue to Fall

Mortgage rates fell for the third straight week last week, averaging 7.44%, down from 7.50%. There are two main reasons for this decline: lower borrowing costs for banks and reduced demand for new loans due to a stable housing market.

Building Permits Rise Unexpectedly

Building permits issued in October came in above expectations, indicating continued strength in the housing market. Economists had expected a decrease from September's level, but instead, we saw an increase. Existing home sales data will be released tomorrow, providing further insights into the housing market.

Eric Clapton's Iconic Guitar Sells for $1.27 Million

Guitar enthusiasts and Eric Clapton fans were stunned last Thursday when one of Clapton's most famous guitars, "Fool," sold for $1.27 million at an auction in Nashville. The 1964 Gibson SG, adorned with its iconic psychedelic finish, was famously used by Clapton during his time with the supergroup Cream.

Upcoming Schedule Changes

Due to the Thanksgiving holiday, the Buzz on Business Podcast will not publish episodes on Thursday or Friday this week. Additionally, there will be no Premium episode this week. Premium episodes typically air on Sundays. The regular publishing schedule will resume on Monday, November 27th.

Thank You for Reading!

Thank you for reading! We hope you'll continue to join us for the latest business, financial, and stock market news.