Indexes gapped up sharply at the open, rallied through 11 AM EST and then held steady the rest of the way. The S&P 500 gained 1.37% while the NASDAQ added 2.00%. New home sales for April jumped 16.6% to a seasonally adjusted annual rate of 619,000 units, topping expectations and the highest level since January 2008.
“I just think we came into a positive tone, which was European equities doing better,” said Art Hogan, chief market strategist at Wunderlich Securities. He attributed gains in Europe to euro weakness against the U.S. dollar, general improvement in European data, and a poll showing less support for the U.K. leaving the European Union.Continue reading