Stocks are coming off a 530 point rally in the Dow Jones Industrial Average on Tuesday.
"Certainly the market has been making a V-pattern upward and there's been a tremendous amount of skepticism around that but we are just starting now to see some evidence in the data turning," said Michael Darda, MKM Partners chief market strategist and chief economist. "Some better than expected housing numbers. As reopening gets underway, virtually all states now we are starting to see activity bounce off of very low levels.
Data release Tuesday showed new home sales in April topped estimates. Sales of new U.S. single-family homes increased by 623,000 last month, beating estimates of 490,000, according to Dow Jones. A measure ofjumped to 86.6 this month from 85.7 in April, according to the Conference Board. Economists polled by Dow Jones expected consumer confidence of 82.3 in May.
Stocks' recent strength — last week the Dow has its best week since early April — still leaves the Dow down more than 12% in 2020. The S&P 500 is off 7.4% for the year and the tech-heavy Nasdaq is up more than 4%. A reescalation of tensions between the U.S. and China could certainly dent stocks' recent progress. White House National Security Advisor Robert O'Brien said Sunday the White House will likely impose sanctions on China if Beijing implements national security law that would give it greater control over autonomous Hong Kong.for exclusive insights and analysis, and live business day programming from around the world.
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