Investors were slamming the buy button in early trading as they chased stock prices higher in early trading. Treasury yields fell in overnight trading but were rising in early trading against a strong bid in the equity market.
Redbook same-store weekly retail sales are failing to confirm the recent advanced retail sales report as same-store sales fell -0.7% from this time last month and -5.7% from this time last year.
Home prices continued to rise even as the economy was shut down as the S&P/CS HPI Composite Index rose +0.9% in April and +4.0% from this time last year.
The Chicago PMI missed expectations by coming in at 36.6 in June, showing the manufacturing sector in the Chicago area has further contracted, indicating there is no sign of a rapid economic recovery in the Chicago region.
The Conference Board’s Consumer Confidence Survey for June showed consumers are more confident as the survey rose to 98.1 from 85.9 in May.
Stocks ramped into the closing bell as investors chased stocks higher into the quarter and month-end. Treasury yields also closed higher.
The American Petroleum Institute reported crude oil inventories as Crude: -8.156mm (-2.7mm expected), Cushing: +164k, Gasoline: -2.459mm (-2.7mm expected), and Distillates: +2.638mm (+900K expected). Crude oil rose in after-hours trading following the report.