Stocks jumped after strong US economic data on Tuesday, but gave up some of those gains throughout the day.
All three major indexes finished in the green, but it was still the 32nd day in a row in which the S&P 500 did not moved by 1% in either direction.
After trading well into the red early in the day, oil also jumped after reports that Iran may agree to freeze production along with the rest of OPEC.
We’ve got all the headlines, but first, the scoreboard:
- Dow: 18,549.15, +19.73, (+0.11%)
- S&P 500: 2,187.33, +4.69, (+0.21%)
- Nasdaq: 5,261.27, +16.67, (+0.32%)
- WTI crude oil: $48.04, +$0.63 (+1.33%)
- The US housing market looked strong. New home sales surged to 654,000 the highest level since October 2007. The number smashed expectations of 580,000 homes sold.
- US manufacturing expanded, but threw up a “warning.” Markit’s flash manufacturing PMI fell to 52.1, missing expectations of a 52.7 print. While this is still in expansionary territory and export data looked strong, weak order books during the month signalled a “warning light” according to Markit Chief Business Economist Chris Williamson.
- Best Buy crushed earnings and the stock leaped. Same store sales beat expectations, rising 0.8% compared to expectations of a 0.6% drop. Earnings per share also beat analysts’ forecasts at $0.57 per share against projections of $0.43 per share.
- Toll Brothers luxury homebuilders reported strong growth. The luxury homebuilder reported higher home orders, up 18.2% to 1,748 units from the year before. It also raised it’s projection for the average sale price to $840,000 to $850,000 from $820,000 to $850,000.
- Oil leaped after rumours Iran will play ball with OPEC. Reuters reported that Iran may support actions by the oil cartel to limit production among the nations in order to combat falling crude prices.
- Oscar, a health care startup, is dropping two of its Obamacare markets. The $2.8 billion health insurance company that is trying to revolutionise health insurance said it will drop its coverage through the public exchanges in New Jersey and Dallas, Texas.
- Mylan, the maker of EpiPen’s, tanked after scrutiny from lawmakers. Shares of the pharmaceutical company fell 4% in trading Tuesday after congressional leaders expressed displeasure over the company’s price hiking for its allergy fighting EpiPen’s.