If you want to know what was dominating the markets today, read on:

Housing data acts as the big propellant

Traders came into the session feeling pretty good about themselves on the back of 3 successive days of gains and went home on a good note too as much stronger than expected data on existing home sales and optimistic comments from the Fed Chair led to a broad-based rally which saw the blue chip DJIA gain 1.67% and the broader S&P 500 1.86%. The major indices are at their highest levels since November of last year when we were in the middle of the financial crisis.

Existing home sales – rose 7.2% in July at an annualized rate of 5.24 million, the expectation was for only a 5.1 million annualized gain. Most observers believe that the housing market has bottomed though it remains to be seen what will happen when the government pulls the rug from under it a little bit by ending the first-time home buyer credit program in the fall. Any chance they extend the program ?

Fed Chair – At the Kansas City Fed symposium in Jackson Hole, Wyoming (i.e. the happening place to be for all economists), Bernanke struck an optimistic tone opining that we have started the recovery process but the path ahead remains arduous (he is probably purposefully setting the expectations low). The market and the gathering at Jackson Hole were clearly excited to see Bernanke's cheery disposition.

Thank ye, Bernanke!

How are we going to do when the Fed pulls back on the extraordinary measures it has taken during the crisis?

Other stuff that made investors sit up and take notice

AT&T: We didn't have anything to do with Apple blocking the Google Voice app from the iPhone. Why would you ever think that we would have a problem with an application that provides everything that we provide but does so for free? Preposterous. WSJ thinks there is a good chance AT&T is lying and here is why .

The most storied name in the stock indexing business is up for sale .

John Mack is tired of getting ragged on for not taking enough risk and missing the boat on this impressive rally. So he is looking to bring in an army of traders .

GM management wanted to sell Opel to Magna but the board has put a dampener on those plans for now.

Tim Geithner absolved himself and his colleagues of any accusations along the lines of the government giving preferential treatment to Goldman Sachs.

Oil is starting to trend up again but traders are cheering it north as a sign of economic activity.

The luster has come off from the once very powerful hedge fund, Cerebrus. That's what happens when you try to get into messy situations such as Chrysler's. Now they have to deal with a major outflow of funds . Once the aura of invincibility is gone, it's gone forever.

What are automakers going to do once the god-sent clunkers program ends ?

You have got to better things to do on a Friday night than read Bernanke's entire speech, right? Here are the CliffsNotes.

Light and fun reading for the weekend

Add jilted ex-wives to the long list of people who can't wait to see who was using Swiss banks to hide money.

Maize and blue are sacred colors up in Michigan. So no wonder, they are up in arms over Budweiser's latest marketing stunt.

The big stars of Hollywood can't seem to make it rain anymore .

Does ESPN needs to be rescued? He thinks so .