Need a little good news? Consumer confidence jumps in June, new home sales at highest level since July ’08


blame obama

Today's news cycle is driving me to drink. Well, more than usual, anyway. So it's time for a little upbeat news via, of all places, Fox Biz and a flurry of emails from them to my inbox:

The Conference Board reports consumer confidence rose to 81.4 in June from 74.3 in May – beating estimates of 75.4.

The Commerce Department reports sales of new, single-family homes rose 2.1% in May from April to an annual rate of 476,000 units. Wall Street expected sales to come in at an annual rate of 462,000 units. The reading was the highest since July 2008.

Home prices in 20 major U.S. metropolitan areas climbed 2.5% in April from March, on a non-seasonally adjusted basis, topping expectations of a 1.1% gain. Prices were up 12.1% from the year prior, beating forecasts of a 10.6% jump.

The markets are jumping as traders cheer a round of strong U.S. economic data and commentary suggesting global central banks will continue easing for a long time to come. The Dow is up 107 points, or 0.73%, while the broader S&P 500 is up nearly 1%. Every major sector is in the green, led by cyclical stocks.

The Commerce Department reports orders for long-lasting goods jumped 3.6% in May from April, topping expectations of a 3% gain. Excluding the transportation segment, orders rose 0.7% compared to expectations it would hold steady.

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There. That should hold us for... about five minutes or until the next abysmal Supreme Court decision.