(As of 7:30 am PST)
Stocks are on the rise this morning with the S&P500
hitting another intraday high as investors welcomed positive economic data to
start the week. Better than expected
reports on home prices and durable goods orders greeted markets early as
traders returned to their desks from the long holiday weekend. Home prices, according to the Case-Shiller
Index, rose in March for the first time in 5 months. Also, orders for durable goods rose slightly
in April as a spike in demand for military goods helped lift activity.
Excluding the defense sector, orders for most other civilian categories dropped
on the month. Adding to early momentum
was a report on consumer confidence which showed confidence among consumers
rose in May matching the consensus estimate.
Asian markets finished the day mostly lower while Europe is higher going
in to the last hour of trade. Gold and
oil are both lower while interest rates are flat. All in all it looks like a good start to this
holiday shortened week. The economic
data calendar is packed full of reports this week, after last week’s empty data calendar. The market continues to surprise
to the upside as May looks to be on pace for a positive close.
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