STOCKS RALLY: Here's What You Need To Know

shouting, cheering, excited, fun, gov ball, Governors Ball 2012, Randall's Island, NYC, New York City, Festivals, Music, Live Performance, BI, DNG

Photo: Daniel Goodman / Business Insider

There wasn’t much news ahead of tomorrow’s huge EU leaders summit and U.S. Supreme Court ruling on health care.First the scoreboard:

Dow: 12,627, +92.3, +0.7%
S&P 500: 1,331, +11.8, +0.9%
NASDAQ: 2,875, +21.2, +0.7%

And now the top stories:

  • We got more good news from the U.S. housing market today.  Pending home sales surged 5.9 per cent in May, which was well ahead of the modest 1.5 per cent gain economists were looking for. “The housing market is clearly superior this year compared with the past four years,” wrote Lawrence Yun Chief Economist of the National Association of Realtors.  SEE ALSO: The Housing Market Is Booming All Over The Place >
  • Shares of homebuilder Lennar rallied today after the company reported a surge in quarterly earnings.  New orders jumped 40 per cent year-over-year.  “Evidence from the field suggests that the ‘for sale’ housing market has, in fact, bottomed and that we have commenced a slow and steady recovery process,” said CEO Stuart Miller.
  • However, according to a note from John Burns Real Estate Consulting, much of the new building in the housing markets include multi-family units in some of Americas favourite suburban areas.  This is literally changing the landscape of America.
  • All of Wall Street’s major research houses published their ratings on Facebook following the 40-day quiet period after the IPO.  Scott Devitt, analyst from lead underwriter Morgan Stanley slapped a $38 12-month price target on the stock, which also happens to be the IPO price.  “We believe that Facebook is uniquely positioned to leverage its large and highly-engaged user base to monetise the mobile Internet,” wrote Devitt.  Price targets ranged from $25 to $48.  Here Is Every Facebook Rating Issued This Morning >
  • Markets are also positioning themselves ahead of a few huge upcoming events.  Tomorrow morning, the Supreme Court is expected to rule on the constitutionality of the Affordable Care Act, President Obama’s landmark healthcare reform plan. Don’t Miss: The Ultimate Guide To How Wall Street Is Preparing For Tomorrow’s Historic Supreme Court Ruling >
  • The EU leaders summit will soon kick off.  Expectations are low since German Chancellor Angela Merkel has repeatedly expressed her unwillingness to share the burden of the most debt-laden countries.  SEE ALSO: UBS’s Guide To The Most Troubled Countries In The Eurozone >
  • Don’t Miss: 15 Stocks That Investors Are Shorting Like Crazy >

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.