This bull market run is just unrelenting.
First the scoreboard:
Dow: 14,828, +10.2 pts, +0.0%
S&P 500: 1,595, +2.2 pts, +0.1%
NASDAQ: 3,324, +17.7 pts, +0.5%
And now the top stories:
- The stock market has yet to see a notable sell-off.
- Some experts warn that the outperformance of defensive stocks versus cyclical stocks is a sign of trouble. But based on the historical data, this conclusion is faulty. “Contrary to the current thinking it is not unusual for a defensive sector to be one of the three top performing sectors in an up market,” said stock market guru Laszlo Birinyi citing research from 26 years worth of up-market data.
- The February reading of the Case-Shiller home price index beat expectations by a nice margin. The 20-city index grew by 9.32% year-over-year and 1.24% month-over-month. “Home prices continue to show solid increases across all 20 cities,” said S&P’s David Blitzer. “The 10- and 20-City Composites recorded their highest annual growth rates since May 2006; seasonally adjusted monthly data show all 20 cities saw higher prices for two months in a row – the last time that happened was in early 2005.”
- In other great news, the Conference Board’s measure of consumer confidence surged to 68.1 in April from last month’s reading of 61.9. “However, consumers’ confidence has been challenged several times over the past few months by such events as the fiscal cliff, the payroll tax hike and the sequester,” said the Conference Board’s Lynn Franco. “Thus, while expectations appear to have bounced back, it is too soon to tell if confidence is actually on the mend.”
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