Indexes were choppy most of the session but went vertical in the closing hour to post gains; the S&P 500 gained 0.37% while the NASDAQ added 0.52%. Housing starts jumped 13.2 percent to a seasonally adjusted annual pace of 1.07 million units, according to the Commerce Department. The reading was the best since November 2013. And building permits hit their highest level since 2008. Consumer sentiment slipped to 81.8 in May, according to the Thomson Reuters/University of Michigan’s preliminary reading. The reading was down from 84.1 from the month before and was also below the expectation of 84.5.
It was a good session for retail stocks; JCPenney (JCP) spiked nearly 15 percent after the retailer posted a smaller-than-expected quarterly loss and topped revenue expectations.
Meanwhile, Nordstrom (JWN) surged more than 10 percent to lead the S&P 500 gainers after the department store chain beat earnings expectations.
Verizon(VZ) rose a day after Warren Buffett’s Berkshire Hathaway unveiled a new stake of 11 million shares in the company in a regulatory filing.
On the flip side, it was a bad day for wrestling fans as World Wrestling Entertainment (WEE) was crushed to the tune of 43%. This company has been a roller coaster, rising from single digits to low $30s and now back almost down to single digits, all within a span of less than a year. Today’s news was related to a contract signed with NBC.
Have a good weekend and we’ll see you back here Monday.