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Street Rises on Upbeat House Data; US GDP Grows Modestly (TSLA, CLWR)

By: , dated May 30th, 2013
Wall Street rallied on Thursday on tepid economic indicators and financials. It was reported that home sales were up 0.3% in April, the biggest increase since 2006. The average 30-year mortgage rate rose to 3.81% which is the highest rate in more than a year. The US economy expanded less than what was anticipated during the first quarter and estimates for the second quarter were lowered. Initial jobless claims were up for the week ending on May 25. Because the economic data released was mixed, concerns that the Fed would decrease its stimulus were eased temporarily. Bank of America (BAC) was the top gainer for the Dow on Thursday. Shares of Clearwire (CLWR) surged after Dish Network (DISH) make another offer to top Sprint’s (S) bid.

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