May 29, 2013

Even though we all know the Dow index really has nothing to do with the economic well-being of the non-investor class, at least we have the satisfaction of rubbing our wingnut friends' noses in the fact this happened under their Kenyan Socialist:

The Dow closed at a new all-time high Tuesday after strong gains in US home prices and consumer confidence boosted stocks.

At the closing bell, the Dow Jones Industrial Average was up 108.05 (0.71 percent) to 15,411.15, a new all-time high.

The S&P 500 put on 10.58 (0.64 percent) to 1,660.18, while the Nasdaq Composite Index added 29.74 (0.86 percent) to 3,488.89.

The widely-watched S&P/Case-Shiller index of US home prices showed the price of a home in the 20 largest cities rose 10.9 percent in the year to March, the largest year-on-year increase since 2006.

Consumer confidence in the US surged to 76.2 in May, up from 69.0 in April, to post the highest level since February 2008.

Stocks were also boosted by greater confidence that the Federal Reserve won’t immediately end its bond-buying program and relief that Japan’s stock market rose Tuesday, said Art Hogan of Lazard Capital Markets.

“It’s a great way to start the week,” Hogan said. “We’re going to need a string of good data, not just two points” before stocks go significantly higher.

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