Market Watch: Jump in housing jolts markets

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It was a good day for new homes sales and that had a positive effect on the market. The Dow finished up triple digits and the NASDAQ closed up 2% as the financial and tech sectors had good days too. New home sales jumped over 16.5% as Toll Bros. exceeded analysts expectations.

Oil also traded about 1 percent higher, closing at $48.50 a barrel.
Katie Stockton, chief technical strategist at BTIG, said today-

“We think U.S. equities will have an upward bias this week, supported by short-term positive divergences, but we expect resistance at the April highs to remain largely intact.”

Meanwhile there was word today that Bank of America’s $1.27 billion dollar fine, over mail and wire fraud charges against Countrywide Mortgage has been overturned. See more below.

Here are the final numbers from Tuesday, May 24th on Wall Street:

Dow Jones Industrial Average: 17,706.05  (+213.12 / +1.22 %)

NASDAQ: 4,861.06 (+95.27/ +2.00 %)

S&P 500: 2,076.06  (+28.02/ +1.37%)

Phil Cannella

Phil Cannella

As a partner with CBS Radio in Philadelphia, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella

@phillipcannella

Phil Cannella a revolutionary thinker. Phil Cannella's cause is the Phil Cannella Crash Proof Retirement system. Phil Cannella has worked for decades.
Get the truth on how Wall Sts stacked against you, on The @CrashProofShow Sat at 10 AM on @1290wjno in FL, and 11 AM on @TalkRadio1210 in PA - 1 year ago
Phil Cannella
Phil Cannella

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