The Dow was up by as much as 214 points this morning. While it shed most of those gains, the stock market nevertheless closed in the black today, breaking a three-day losing streak.
First the scoreboard:
Dow: 15,436, +133.1 pts, +0.8%
S&P 500: 1,662, +12.9 pts, +0.7%
NASDAQ: 3,493, +34.2 pts, +0.9%
And now the top stories:
- Investors and traders returned from their three-day weekends and hit the ground buying. And there was some good economic news to help fuel the rally.
- The S&P Case-Shiller home price index jumped 10.9% year-over-year, beating expectations for a 10.2% rise. This was the fast pace of price gains since April 2006. Only New York City and Minneapolis saw prices fall during the period.
- The Conference Board’s May consumer confidence index blew away expectations, surging to 76.2 from April’s reading of 69.0. Economists were looking for a reading of 71.2. The May reading was a five-year high.
- Two regional manufacturing surveys showed signs of improvement. At least, things appear to be getting less bad in the sector. The Richmond Fed Manufacturing index climbed to -2 in May from -6 in April. The Dallas Fed Manufacturing index improved to -10.6 from -15.6 a month ago, however the May reading was just shy of the -10.0 level economists were looking for.
- Bonds tumbled amid the strong econmoic news and the stock market rally. The sell-off caused the 10-year Treasury note yeild to surge to its highest levels of the year.
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