By Markus Heitkoetter
Stocks opened the day higher and never looked back.
After today’s nice start, things got even better with New Home Sales beating expectations.
The April New Home Sales showed an annualized pace of 619,000 homes sold compared to a 521,000 forecast. The 16.6% jump in sales brought New Homes Sales to the highest level in 8 years.
The housing data was great, but tech stocks were on fire!
With Apple (AAPL) up 1.5%, Qualcomm (QCOM), and Microsoft (MSFT) up 3.1% (just to name a few tech stocks), the NASDAQ led the major indices higher.
Here’s where the major indices ended the day:
The S&P finished with a 1.4% gain. Up 28 points, the S&P ended at 2,076.
The DOW ended 1.2% higher. Adding 213 points, the DOW closed at 17,706.
The NASDAQ was up 2.0%. With a 95 point gain, the NASDAQ finished at 4,861.
The lack of volatility in the market has been painfully obvious. In fact, the S&P is showing signs of having the lowest volatility in almost 20 years! According to technical analyst Jonathan Krinsky, monthly Bollinger Bands on the SPY (the ETF that tracks the S&P 500) are the narrowest they’ve been since 1995.
Crude Oil’s 4-day losing streak came to an end today. Up 1.2%, Crude Oil (CL) finished the session at $48.65 a barrel.
Today the Dollar Index (DX) was up 0.4%, ending the day at the highest level in almost 2 months (since March 28th). With a strong dollar Gold (GC) dropped 1.8%, and Silver (SI) dropped 1.0%.
Tomorrow’s economic calendar features Crude Oil Inventories at 10:30am ET.