New home construction rose sharply in July to its highest level in eight months. The Commerce Department said housing starts rose 15.7% to 1.09 million homes, beating economists’ expectations of 963,000. June housing starts were revised up from 893,000 to 945,000.
Lower energy costs canceled out rising food prices in July, pushing inflation only slightly higher. The Labor Department said the Consumer Price Index rose 0.1% last month, which was in line with economists’ expectations. Food prices rose 0.4% last month, but energy prices fell for the first time since March, falling 0.3%.
Home Depot (HD) the world's largest home improvement chain reported earnings of $1.52 a share, beating analysts' estimates by $0.07. Revenue also topped expectations, rising 5.7% percent compared to a year ago thanks to home repairs after the harsh winter. Same-store sales rose 5.8%. The company also raised its full-year earnings outlook.
Google (GOOGL) went public ten years ago today. The company has changed since then, when it was mostly just a search engine. Gmail had just been released, YouTube hadn't been in invented, it didn’t own a drone company and it wasn't designing driverless cars. As of yesterday’s close, Google stock has gone up more than 993% since the IPO.
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