The Nasdaq Composite and S&P 500 indexes set new record highs on Tuesday, as first-quarter earnings continued to exceed low expectations this week. The rally this week completed a sharp 25% comeback in the S&P 500 that started when U.S. markets bottomed during the last week of December.
There was strong economic data reported in the U.S. this week, highlighted by a blowout first-quarter GDP reading on Friday. We experienced 3.2% growth in the domestic economy last quarter, which smashed the estimate of 2.5%.
New home sales were another beacon of light on Tuesday, showing a 3% increase for March. The print exceeded expectations and marked the highest level in 17 months.… Read more