Part of the early excitement in the market were more signs of economic recovery, as it looks more likely things will gradually improve from April. The debate has been on how quickly the economy could improve, and while most experts see better third quarter, nobody was prepared for any good April data.
Sales of new single-family homes blew away Wall Street consensus coming in at annualized pace of 623,000 against the estimate of 480,000. The increase was slim month to month, but Wall Street was bracing for a 22% decline.
It also helped that median prices dropped to $309,900 from $339,000.
Investors also bidding up names that should be the last to come back from Covid-19 crisis.
Key indices are right on the cusp, and this is the last hurdle before the conversation turns to re-testing the 2020 highs.
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