Market Watch: Jump in housing jolts markets


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%)