Stocks rise with strong economic data

The U.S. stock market rose today with a series of promising data points.

The Conference Board said consumer confidence in June rose to a more than five-year high. The index rose to 81.4 from 74.3 in May, marking the best level since January 2008.

Prices for U.S. homes leaped in April, posting record monthly growth and the fastest year-over-year growth in seven years, according to S&P/Case-Shiller data released Tuesday. With gains in 19 of 20 cities, the 20-city composite index rose 2.5 percent in April, the largest monthly growth on record. The data go back to 2000. After seasonal adjustments, prices rose 1.7 percent in April.

Meanwhile, sales of new homes rose in May to the highest rate since mid-2008 and purchases for the prior three months were all revised higher, reflecting the continued resurgence in the U.S. housing market. The U.S. Commerce Department on Tuesday said sales last month climbed 2.1 percent to an annual rate of 476,000 from 466,000 in April. Sales for April, March and February were also revised higher.

Orders for long-lasting manufactured goods rose more than expected in May. Durable goods orders increased 3.6 percent as demand for goods ranging from aircraft to machinery rose, the U.S. Commerce Department said. Orders for these goods, which range from toasters to aircraft, had risen 3.6 percent in April.

Core capital goods shipments, used to calculate equipment and software spending in the national gross domestic product report, rebounded 1.7 percent. The increase in shipments of core capital goods pointed to moderate growth in business spending on capital equipment.
Today’s positive data prompted the Dow Jones Industrial Average to gain more than 110 points.

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