(As of 7:30 am PST)
Stocks are mildly higher after the first hour of trading
as investors sifted through a torrent of data after a quiet day yesterday. The S&P500 broke through an intraday
record early in the session after stalling out the day before. Investors shrugged off a disappointing
revision to Q1 GDP data which showed the US economy actually contracted
1%. Better than expected jobless claims
numbers helped support stocks as claims fell by 27,000 in the previous
week. Stocks held their gains after a
report on pending home sales showed sales rose 0.4% in April. It was the second consecutive monthly gain
after several months of slowing activity. In international news, most Asian
markets finished in the red, while Europe traded mixed most of the day. After taking a brief pause yesterday, investors appear
welcoming to today’s recent data, but there’s a similar sense that a breakout
to the upside would require some surprisingly compelling news.
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