Stocks Jump on Consumer Confidence, Treasury Yields Hit 13-Month Highs (TSLA, TIF)
After what was three consecutive days of losses, Wall Street finished higher on Tuesday. Stocks climbed with the help of positive data showing that consumer sentiment rose to a five-year high for May and that home prices were up 10.9% from one year ago. The Dow Jones Industrial Average closed at another record high and saw its 20th positive Tuesday in a row. Tesla Motors (TSLA) continued to push higher and Tiffany & Co. (TIF) jumped 4% after reporting earnings that beat expectations.Exelon Corp. (EXC) was downgraded to "buy" and dropped 7.5%. US Treasurys hit their highest yield in thirteen months on the recent positive economic news. European stocks were able to rally on US confidence as well.
Word on the Street
- Bond funds take a big hit after consumer sentiment data is released and Treasurys gained.
- The Dow ends at a record high on Tuesday after what was a three-day losing streak.
- Tesla (TSLA) crosses over $110 for the first time and gains 13.6%.
- Moody's raises outlook for the US banking industry for the first time in five years.
- Oil prices rise over $95 a barrel on Tuesday on global stock advances.
- Sears Holdings (SHLD) Slides on Dismal First Quarter Earnings.
Published on May 28, 2013By InvestorGuide Staff