Home Sales Surge, Dollar Trouble, Stocks Quiet

  • June 2, 2009
  • David Goodboy

Pending Home Sales hit a 7.5 year high, climbing 6.7% in April, and added to the positive vibe in the U.S. Economy. However, the U.S. Dollar appears to be in trouble as it continues its fall against the Euro. Talk of a new international currency from Russian President Medvedev to replace the USD further depressed the greenback. Stocks closed the session slightly higher in quiet trading with the DJIA ahead by +19.43 to 8740.87, the Nasdaq eased higher +8.12 to 1836.80 and the S&P 500 stretched higher by +1.87 to 944.74.

American Express
(
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PowerRating) – Experienced the largest loss in the DJIA today by falling 4.92% or $1.28 to $24.71/share after pricing a public offering to raise capital.

Continental Airlines
(
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PowerRating) – Soared 10.95% or $1.10 to $11.15/share after being upgraded by JP Morgan.

Intuitive Surgical
(
ISRG |
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PowerRating) – The robot surgery system maker was upgraded by Needham & Co sending shares higher by 6.54% or $9.77 to $159.05/share.

United National Foods
(
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PowerRating) – Climbed 11.80% or $2.75 to $26.05/share upon raising its 2009 EPS forecast.

Oil advanced 0.03 cents to $68.67, Gold added $4.40 to $984.40 and the VIX index fell 1.37% to 29.63.

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Market Snapshot

Dow

 +19.43 8740.87

NASDAQ

 +8.12 1836.80

S&P 500

 +1.87 944.74

Economic
News

Personal Income (Apr): Consensus: -0.2%, Prior: -0.2%, Revised From: -0.3%

Personal Spending (Apr): Consensus: -0.2%, Prior: -0.3%, Revised From: -0.2%

Construction Spending (Apr): Consensus: -0.8%, Prior: 0.3%

ISM Index (May): Consensus: 42.0, Prior: 40.1

Pending Home Sales (Apr): Consensus: NA, Prior: 3.2%

Auto Sales (May): Consensus: NA, Prior: 3.2M

Truck Sales (May): Consensus: NA, Prior: 3.8M

ADP Employment Change (May): Consensus: -543K, Prior: -491K

Factory Orders (Apr): Consensus: 0.3%, Prior: -0.9%

ISM Services (May): Consensus: 45.0, Prior: 43.7

Crude Inventories (05/29): Consensus: NA, Prior: -5.41M

Initial Claims (05/30): Consensus: 620K, Prior: 623K

Productivity-Rev. (Q1): Consensus: 1.2%, Prior: 0.8%

Unit Labor Costs (Q1): Consensus: 2.9%, Prior: 3.3%

Average Workweek (May): Consensus: 33.2, Prior: 33.2

Hourly Earnings (May): Consensus: 0.2%, Prior: 0.1%

Nonfarm Payrolls (May): Consensus: -550K, Prior: -539K

Unemployment Rate (May): Consensus: 9.2%, Prior: 8.9%

Consumer Credit (Apr): Consensus: -$6.0B, Prior: -$11.1B

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