Wall Street Set To Rebound As Durable Goods, Consumer Confidence & Housing Prices Jump

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Wall Street tried to rebounded Tuesday, following better-than-expected durable goods orders data.

Orders for durable goods rose more than forecast in May, and excluding transportation, orders also topped economist’s projections.

Global markets also edged up after comments from some policymakers from the Fed who downplayed the potential impact of scaling back on its QE program.

The Shanghai Composite halted its two-day sell-off early on Tuesday after plunging earlier in the session, but still remained 20 percent from a ten-month high hit in February.

Also on the economic calendar for Tuesday, economists will be keeping their eyes home prices for April, new home sales for May and consumer confidence for June.

Sales of new single-family homes increased 2.1 percent to a seasonally adjusted annual rate of 476,000 units - the highest level since July 2008, the Commerce Department said on Tuesday.

Other data showed single-family home prices jumped in April, hitting their biggest annual gain in seven years. The S&P/Case Shiller composite index of 20 metropolitan areas gained 1.7 percent on a seasonally adjusted basis, topping forecasts for 1.2 percent.

Separate data showed consumer confidence in June rose to a more than five-year high as the index rose to 81.4 from 74.3 in May, the Conference Board said Tuesday.

As of 10:30am Eastern, the Dow Jones industrial average .DJI jumped 74.63 points, or 0.51 percent, to 14,734.19. The Standard and Poor’s 500 .SPX Index rose 6.92 points, or 0.44 percent, to 1,580.02.

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