Existing home sales came in better than anticipated, falling 5.1% month-over-month in June to an annual rate of 5.37 million units, compared to the drop of 9.9% to 5.10 million units that economists had expected. May’s 2.2% drop to 5.66 million units was left unchanged.
The Conference Board released the Index of Leading Economic Indicators (LEI) for June, which declined by 0.2%, compared to the 0.3% decrease that economists forecast, and May’s 0.4% gain was revised higher to a 0.5% advance.
The Dow Jones Industrial Average surged 202 points (2.0%) to close at 10,322, the S&P 500 Index gained 24 points (2.3%) to finish at 1,094, and the Nasdaq Composite advanced 59 points (2.7%) to 2,246. Crude oil rose $2.53 to $79.09 per barrel, while the Bloomberg gold spot price increased $9.90 to $1,194.95 per ounce.
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