Improving Economic Data Helps To Restore Confidence In Equities

economic-recovery-bannerLast week U.S. equities broke their 4 week win streak as investors were left wondering if they saw a market top or just a small technical pullback in a bullish market following statements from Federal Chairman Ben Bernanke and other Fed members about the potential for tapering in its monetary stimulus program as the U.S. economy continues to strengthen.

In early morning trading on Monday, the Dow, Nasdaq, and S&P are up over one percent across the board, rallying on better than expected results in the S&P Case-Shiller Index for March which revealed that new housing data from 20 large urban areas increased 10.9 percent, beating estimates of 10.0 percent from briefing.com and representing the fastest pace of gains since April 2006.

The U.S. consumer confidence index, which conducts a monthly survey of 5000 households to ascertain the level of consumer confidence, posted a higher than expected index reading for May at 76.2 percent, beating estimates of 72.5 percent from briefing.com. and signaling a five year high.

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