Markets Rally in Response to Pending Home Sales Data (WMT, CHK)

Major indices jumped today on positive data about the housing market. In particular, the Association of Realtors’ Pending Home Sale Index showed that pending home sales were up 4.1 percent in March, reaching their highest levels since April of 2010. In corporate news, Walmart (WMT) is introducing the ability to pay for online orders in cash by going into their physical locations. S&P announced they would be cutting Chesapeake Energy’s (CHK) rating down to BB from BB+.

Word on the Street

• Stocks were up today as news that pending home sales were approaching a 2-year high.
• Cattle futures rebounded after months of being low on mad cow reports.
• Chrysler had its best quarter since 1998.
• Walmart (WMT) will allow customers to pay with cash for online orders.
• S&P cut Chesapeake Energy’s (CHK) bond rating.
• Small banks that haven’t paid back their bailout funds are being pressured to.

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