U.S. stock futures and world markets were down this morning, following the impasse in fiscal cliff talks in Washington late Thursday. Christine Romans is minding your business this morning with more updates.
Romans also takes a look at the run on guns that is intensifying after the Newtown massacre last week. Gun shops nationwide are selling out of military-style rifles, like the one used in the Sandy Hook Elementary school shooting. Gun analyst Ron Rando attributes the spike in demand for semi-automatic weapons to gun owners' expectations that laws on the weapons may get stricter. He adds that such guns are easy to shoot and can shoot very quickly.
A major bump in the housing market could be a sign that the United States is in full-on recovery. September marked the third straight month improvement in housing with a 15% surge from the previous month to an annual rate of 872,000. Housing Wire Executive Editor Jacob Gaffney breaks down those new numbers on “Starting Point”.
“We are absolutely in a housing recovery,” Gaffney says. “That is a 45% improvement yearly on housing permits. So, the trend of housing starts, new homes built, is going to continue.” Still, Gaffney says, these numbers are lower than in 2006. Gaffney affirms Romans’ assessment that “we would have to double or triple housing starts from here to be healthy.”
Christine Romans looks at expectations for the markets today and has more on the fallout after a Goldman Sachs employee quit the company in a scathing op-ed in the NY Times.