While the Nasdaq has climbed firmly into positive territory, the Dow and the S&P 500 are posting only modest gains. The Nasdaq is up 24.98 points or 0.6% at 4,393.66, while the Dow is up 24.94 points or 0.2% at 16,962.20 and the S&P 500 is up 3.94 points or 0.2% at 1,966.55.
The strength that has emerged on
The report said new home sales soared 18.6% to a seasonally adjusted annual rate of 504,000 in May after rising 3.7% to a revised rate of 425,000 in April. Economists had expected sales to climb to a rate of 440,000.
With the much bigger than expected increase, new home sales reached their highest level since hitting a matching rate in May of 2008.
Additionally, the Conference Board released a report showing that its reading on consumer confidence rose by much more than expected in the month of June.
Economists had expected the consumer confidence index to edge up to 83.5 from the 83.0 originally reported for the previous month.
Housing stocks are seeing some strength on the heels of the new home sales data, moving higher along with internet, healthcare, and airline stocks.
Most of the other major sectors are showing only modest moves, however, with lingering valuation concerns limiting the upside.
Among individual stocks, shares of
On the other hand, shares of
In overseas trading, stock markets across the
Meanwhile, the major European markets are turning in a mixed performance on the day. While the
In the bond market, treasuries have pulled back well off their early highs following the upbeat data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 2.615%.
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