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U.S. residential building permits top a million

Permits for future U.S. home construction rose to their highest in nearly 5-1⁄2 years in October and prices for single-family homes notched big gains in September, suggesting a run-up in mortgage interest rates has not derailed the housing recovery.

Building permits jumped 6.2 percent to a seasonally adjusted annual rate of 1.03 million units, the highest since June 2008 and beating economists' expectations for a 930,000-unit rate.

The data released yesterday were the latest signs of strength in the economy, despite headwinds from last month's budget fight, which led to a partial government shutdown, and rising mortgage rates.

Nasdaq closes above 4,000

The Nasdaq composite index closed above 4,000 yesterday for the first time since 2000, while the Dow and S&P ended barely changed.

Retailers and home builders were among the best performing sectors, responding to stronger-than-expected earnings and robust housing market data.

Big-cap technology stocks helped the Nasdaq to finish above 4,000 for the first time since the dot-com bubble burst in 2000.

Consumer confidence at 7-month low

Confidence among U.S. consumers unexpectedly declined in November to a seven-month low as Americans grew more pessimistic about the labor-market outlook.

The Conference Board's index fell to 70.4 from a revised 72.4 a month earlier that was stronger than initially estimated, the New York-based private research group said yesterday. The median forecast in a Bloomberg survey of 78 economists called for a November reading of 72.6.

Today

 Commerce Department releases durable goods for October.

 Commerce Department releases personal income and spending for October.

 Labor Department releases weekly jobless claims.

 Freddie Mac, the mortgage company, releases weekly mortgage rates.

 Acentech Inc., a multi-disciplinary acoustics, audiovisual systems design, and vibration consulting firm, announced that Colleen Anderson, left, has been promoted to the role of marketing coordinator. In her new position, she will be responsible for supporting Acentech's marketing, communications, and proposal preparation activities for the firm.

 Agrivida, Inc., a biotechnology company, announced the appointment of Dan Meagher as chief executive officer. Meagher joins Agrivida from Novus International.

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