The Stock Market finally soared today after weeks of correction. News on Retail sales and Manufacturing led the charge. The Dow was up 123.14, the Nasdaq hiked 39.03 and the S&P gained a solid 16.04.
CNBC reported that the US housing crisis is now worse than it was during the Great Depression.
Also Bank of America it was reported significantly hindered the foreclosure review.
Here are today's top financial stories:
1) Stocks Notch Broad Gains-From The Wall Street Journal
U.S. stocks closed sharply higher as investors cheered a reading on U.S. retail sales that wasn't as bad as expected and a strong industrial-production report from China.
The Dow Jones Industrial Average advanced 123.14 points, or 1.03%, to 12076.11. Home Depot led the blue-chip index higher, up $1.49, or 4.5%, to $34.75, while Caterpillar rose 2.42, or 2.5%, to 97.86 and Boeing gained 1.70, or 2.3%, to 74.64.
The Standard & Poor's 500-stock index rose 16.04, or 1.26%, to 1287.87, led by energy and material stocks. All 10 of the S&P 500's sectors finished in positive territory.
The technology-oriented Nasdaq Composite rose 39.03 points, or 1.48%, to 2678.72.
It marked the second day of advances for the Dow and the S&P 500 following a six-week losing streak.
"We were due for a little bit of a snapback," said Michael Shea, managing partner at Direct Access Partners, especially as the market had reached oversold levels on a short-term basis. Still, he was cautious: "I don't think one day makes a trend."
Investor sentiment turned more cheerful after the Commerce Department said U.S. retail sales dropped only 0.2% last month, smaller than the 0.6% decline economists had expected.
2) US Housing Crisis Is Now Worse Than Great Depression-From CNBC
It's official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.
Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data.
3) BofA ‘Significantly Hindered’ Foreclosure Review, U.S. Says- From Bloomberg
Bank of America, the largest U.S. lender, “significantly hindered” a federal review of its foreclosures on loans insured by the Federal Housing Administration, the U.S. said.
The bank was slow in providing data and offered incomplete information, according to the U.S. Department of Housing and Urban Development inspector general’s office, which conducted the review.
“Our review was significantly hindered by Bank of America’s reluctance to allow us to interview employees or provide data and information in a timely manner,” William Nixon, an assistant regional inspector general for the agency, said in a sworn declaration.
The filing, dated June 1 and obtained yesterday by Bloomberg News, was submitted as an exhibit in a lawsuit by the state of Arizona against the Charlotte, North Carolina-based bank. Arizona, which is seeking to interview former Bank of America employees, accused the bank of misleading homeowners who were seeking mortgage modifications
Quote of the Day from Dave Ramsey.com:
The greatest mistake you can make in life is to continually be afraid you will make one. — Elbert Hubbard
The greatest mistake you can make in life is to continually be afraid you will make one. — Elbert Hubbard
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