(As of 7:19 am PST)
Markets are rallying this morning after investors
returned from a long holiday weekend to some surprisingly positive US
data. The Dow is surging 200 points
while the Nasdaq and S&P are also up 1.5%.
Keying off gains in Europe and Asia, investors were optimistic after a
report on housing showed signs of a broader housing market recovery. The S&P/Case-Shiller Index showed home
prices rose 10.9% in March compared with a year ago, marking the highest year
over year growth rate since April 2006.
The index measures home prices in the nation’s 20 largest cities. All 20 cities saw year over year improvements
for the 3rd consecutive month.
Adding to the positive news, US consumer confidence rose to a 5 year
high in May, beating market expectations.
Markets across Asia and Europe were also in the green. Gold prices are slipping on a strengthening
dollar. After a tough session Friday
which saw Wall Street close for its first weekly loss in over a month, markets
appear to be settling in to a nice rally to start this holiday shortened
week.
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