The Market Rally Is Fading Fast

Sam Ro | May 28, 2013, 2:41 PM | 1,619 |

Google Finance

Stocks started the day with a big rally in the wake of three better-than-expected economic reports.

At one point, the Dow was up by as much as 214 points.

However, that rally is losing steam..

Earlier today, we learned that U.S. home prices jumped 10.9% year-over-year in March, beating expectations.  This was the fastest pace of price gains since April 2006.

This was followed by the May Richmond Fed survey that climbed to -2 from -6 in April.  Economists were looking for a reading of -4.

The big catalyst this morning is probably the consumer confidence report, which surged to 76.2 from 68.1 in April.  This too was much better than the 71.2 expected by economists.

Should the markets stay positive at the close, they would be breaking a three-day losing streak

Please follow Money Game on Twitter and Facebook.
Follow Sam Ro on Twitter. Tags: Markets | Get Alerts for these topics »

To embed this post, copy the code below and paste into your website or blog.

View the original article here