January 2023 Stock Market Recap + Housing Data (Case Shiller)

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On January 20, 2023, U.S. stocks rose to record highs as investors cheered encouraging economic, housing, and stock market data. The Dow Jones Industrial Average (DJIA) jumped 235 points, or 0.7 percent, to 32,672, powered higher by Apple, JPMorgan Chase, Goldman Sachs, and UnitedHealth Group. The S&P 500 rose 1.4 percent to 3,950 and the Nasdaq Composite Index jumped more than 3 percent to 13,928.

The Case Shiller home price index released showed home prices were up 4.8 percent in November compared to one year prior, continuing an upward trend in housing prices. Home prices rose in all cities, and were up the most in Phoenix (7.7 percent), San Diego (6.2 percent), and Seattle (5.3 percent). Home prices declined the most in Dallas (-0.3 percent) and Cleveland (-1.1 percent). The Case Shiller numbers beat the consensus forecast and showed that the US housing market remains strong, supported by low mortgage rates, limited inventory, and strong consumer demand.

Analysts said the strong economic data, along with encouraging housing and stock market data, were key drivers behind the stock market’s rise today. They added that with the good news on the economic front, the markets could continue to rise in the coming months, especially as the country continues to get closer to widespread vaccinations.

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