Monster Closing Rally, General Motors Approves, Consumer Sentiment Soars

• May 29, 2009
• Dave Goodboy

Stocks ended the session in a monster bullish rally after trading in lack luster fashion for most of the day. GM’s union approval of an agreement and strong progress toward a bond holder’s accord combined with soaring consumer sentiment triggered the late day buying spree. Bullish words from World Bank President, Robert Zoellick, furthered pushed shares higher on the close. The DJIA ended up +96.53 to 8500.33, the Nasdaq advanced +22.54 to 1774.33 and the broad based S&P 500 ended the session ahead by +12.31 or 919.14.

Cintas
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J. Crew
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Palm
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Comcast
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Oil advanced $1.23 to $66.45, Gold soared $17.10 to $980.30 and the fear index VIX plummeted 8.68% to 28.92.

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Market Snapshot

Dow +96.53 8500.33 NASDAQ +22.54 1774.33 S&P 500 +12.31 919.14

Economic News

S&P/CaseShiller Home Price Index (Mar): Consensus: -18.4%, Prior: -18.63% Consumer Confidence (May): Consensus: 42.0, Prior: 39.2 Existing Home Sales (Apr): Consensus: 4.65M, Prior: 4.57M Durable Goods Orders (Apr): Consensus: 0.5%, Prior: -0.8% Durables Ex-Transport (Apr): Consensus: -0.3%, Prior: -0.6% Initial Claims (05/23): Consensus: NA, Prior: 631K New Home Sales (Apr): Consensus: 356K, Prior: 356K Crude Inventories (5/22): Consensus: NA, Prior: -2.10M GDP – Prelim. (Q1): Consensus: -5.5%, Prior: -6.1% GDP Deflator (Q1): Consensus: 2.9%, Prior: 2.9% Chicago PMI (May): Consensus: 42.0, Prior: 40.1 Mich Sentiment-Rev (May): Consensus: 68.0, Prior: 67.9

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