STOCKS RALLY, GOLD TANKS: Here's What You Need To Know

molten hot silver goldWorkers pour molten silver into moulds at the KGHM copper and precious metals smelter processing plant in Glogow May 10, 2013.

The stock market is now on a three-day winning streak.

First, the scoreboard:

  • Dow: 15,036.2, +126.9, +0.8%
  • S&P 500: 1,614.2, +11.2, +0.6%
  • NASDAQ: 3,403.2, +27.3, +0.8%

And now, the top stories:

  • Overall, the economic data today was encouraging.
  • Personal income jumped 0.5% in May, beating expectations for a modest 0.2% gain.  Personal spending climbed by 0.3% during the period, which was right in line with expectations.  The saving rate improved to 3.2% from 3.0% in April.
  • Initial weekly jobless claims fell to 346,000 from 355,000 a week ago.  The reading was right in line with expectations, and it was a welcome improvement.
  • Pending home sales surged 6.7% month-over-month in May, crushing expectations for a 1.0% gain. “Even with limited choices, it appears some of the rise in contract signings could be from buyers wanting to take advantage of current affordability conditions before mortgage interest rates move higher,” said the National Association of Realtors’ Lawrence Yun.
  • As the stock market rallied in the wake of the encouraging economic data, gold extended its epic meltdown.  Today, we saw gold fall below $1,200 for the first time since 2010.  It got as low as $1,198 before recovering some of its losses.
  • Don’t Miss: MORGAN STANLEY: These Are The 7 Most Attractive Stocks In America »

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