Stocks jumped after strong US economic data on Tuesday, but gave
up some of those gains throughout the day.
All three major indexes finished in the green, but it was still
the 32nd day in a row in which the S&P 500 did not moved
by 1% in either direction.
After trading well into the red early in the day, oil also jumped
after reports that Iran may agree to freeze production along with
the rest of OPEC.
We’ve got all the headlines, but first, the scoreboard:
- Dow: 18,547.30, +17.88, (+0.10%)
- S&P 500: 2,186.90, +4.26, (+0.20%)
- Nasdaq: 5,260.08, +15.47, (+0.30%)
- WTI crude oil: $48.04, +$0.63 (+1.33%)
The US housing market looked strong. New home sales surged
to 654,000 the highest level since October 2007. The number
smashed expectations of 580,000 homes sold.
US manufacturing expanded, but threw up a “warning.”
Markit’s flash manufacturing PMI fell to 52.1, missing
expectations of a 52.7 print. While this is still in
expansionary territory and export data looked strong, weak
order books during the month signaled a “warning light”
according to Markit Chief Business Economist Chris Williamson.
Best Buy crushed earnings and the stock leaped. Same
store sales beat expectations, rising 0.8% compared to
expectations of a 0.6% drop. Earnings per share also beat
analysts’ forecasts at $0.57 per share against projections of
$0.43 per share.
Toll Brothers luxury homebuilders reported strong
growth. The luxury homebuilder reported higher home
orders, up 18.2% to 1,748 units from the year before. It also
raised it’s projection for the average sale price to $840,000
to $850,000 from $820,000 to $850,000.
Oil leaped after rumors Iran will play ball with OPEC.
Reuters reported that Iran may support actions by the oil
cartel to limit production among the nations in order to
combat falling crude prices.
Oscar, a health care startup, is dropping two of its Obamacare
markets. The $2.8 billion health insurance company
that is trying to revolutionize health insurance said it will
drop its coverage through the public exchanges in New Jersey
and Dallas, Texas.
Mylan, the maker of EpiPen’s, tanked after scrutiny from
lawmakers. Shares of the pharmaceutical company fell 4% in
trading Tuesday after congressional leaders expressed
displeasure over the company’s price hiking for its allergy