Stocks Surge on Best Consumer Confidence Report in Five Years

The S&P 500 is having one of its best days of the year, which has already been a strong year for stocks. Between last Wednesday’s high and last Thursday’s low, the index dropped just over 3%. We’ve already made back most of that. The Dow is currently up over 200 points today and it looks headed for its 20th-straight Tuesday gain.

The cyclical sectors are doing very well today. The only down sector is utilities. Mirroring that move, long-term bonds are down and the 10-year yield is up to 2.10%. Today’s consumer confidence report was the best in five years. Economists were expecting the Conference Board’s index to rise to 71.2. Instead, it rose to 76.2. Also this morning, the Case-Shiller Index showed that home prices are up more than 10% in the past year. That’s the fastest pace since 2006.

Our Buy List is also doing well. All 20 stocks are up. Ford ($F) and CA Technologies ($CA) just touched new 52-week highs.

Posted by on May 28th, 2013 at 10:52 am


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