Filed under: Market News, Housing Market, Food & Beverage, Internet, Scandals and Lawsuits
The cost of increasingly popular craft beers could be hopping higher.If you're a beer aficionado, you know the name India Pale Ale -- a particular type of hop favored by craft brewers. And while overall beer sales are flat, demand for craft brews has been strong. And that means the price of this particular type of hop is in short supply, and the price for it is soaring. By the way, did you know that this is American Craft Beer Week? And here's a bit of beer trivia for you: Washington state is the leading grower of hops.
Consumers in the U.S. don't think housing prices will increase by very much this year. A monthly survey by the Federal Reserve Bank of New York finds the expectation is for an increase of just 3.8 percent this year. That expectation has come down every month this year. Fed Chair Janet Yellen recently expressed concern that housing activity was "flattening out" -- due partly to the high number of people who remain concerned about their job prospects. And millennials -- the young adults who should be the first-time homebuyers that spark the market -- continue to rent instead of buy, which is keeping price in check.
Here on Wall Street, both the Dow Jones industrial average (^DJI) and the Standard & Poor's 500 index (^GPSC) rose to all-time highs Monday. The Dow gained 112 points, the S&P 500 rose 18, and the Nasdaq composite (^IXIC) rallied 72 points.
Michael Sam, the first openly gay football player to be drafted into the NFL, is apparently pretty popular with fans. His St. Louis Rams team jersey is the second-best seller among the 256 college players drafted last week. Number one is quarterback Johnny Manziel, known as "Johnny Football," and he had a two day head-start on Sam.
-Produced by Drew Trachtenberg.
