Pending Home Sales Smash Expectations As Jobless Claims, Consumer Spending Also Lift Dow & S&P

Pending Home Sales Smash Expectations As Jobless Claims, Consumer Spending Also Lift Dow & S&P

pU.S. stocks rose at the open on Thursday after data revealed fewer Americans filed claims for unemployment benefits last week, and consumer spending rebounded in May.ppInitial claims for unemployment benefits fell 9,000 to a seasonally adjusted 346,000, ​the Labor Department said Thursday. In addition, the four-week moving average for new claims fell 2,750 to 345,750. Additional data showed consumer spending increased 0.3 percent last month after a revised 0.3 percent drop in April, the Commerce Department said.ppEconomists on Thursday will also be watching pending home sales for May and speeches from Fed officials, including New York Fed President William Dudley who will speak just after Wall Street opens.ppThe National Association of Realtors said on Thursday its Pending Home Sales Index increased 6.7 percent to 112.3, the highest level since December 2006.ppOn the economic calendar for Friday, economists will be eyeing Chicago PMI and consumer sentiment.ppAs of 10:11am Eastern, the Dow Jones industrial average .DJIA jumped 124.13, or 0.83 percent, to 15,034.27. The S&P 500 .SPX rose 12.08 points, or 0.76 percent, to 1,615.41.


User: IBTimes

Views: 5

Uploaded: 2013-06-27

Duration: 00:52

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