The market closed out a solid second quarter, the strongest quarter in over 20 years following better-than-expected housing numbers. Specifically, the S&P Corelogic Case-Shiller 20-City home price index rose 0.9% to 224.1 in April, after jumping 1.1% to 222.2 in March.
Comments from Fed Chair Powell gave the major indexes a lift into the closing bell after he stated the Fed is committed to using its full range of tools to support the economy.
The Nasdaq settled at 10,058 (+1.9%) with the late session high reaching 10,085. Fresh resistance at 10,000 was reclaimed with continued closes above this level signaling a retest towards 10,200 and fresh all-time highs.
The S&P 500 made a run to 3,111 while finishing at 3,100 (+1.5%). Near-term resistance at 3,050 was recovered with continued closes above this level signaling upside towards the 3,100 area.
The Russell 2000 closed at 1,441 (1.4%) after trading to an intraday high of 1,444. Key resistance at 1,450 was challenged but held with a close above this level setting up a retest towards the 1,475 level.
The Dow tapped an afternoon high of 25,905 before going out at 25,812 (+0.9%). Key resistance at 25,500 was breached and held with continued closes above this level keeping a retest towards 26,000 in focus.
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WEDNESDAY'S EARNINGS ANNOUNCEMENTS
Before the open: Capri Holdings (CPRI), Constellation Brands (STZ), General Mills (GIS), Schnitzer Steel Industries (SCHN), UniFirst (UNF)
After the close: Culp (CULP)
TUESDAY'S ECONOMIC NEWS
MBA Mortgage Applications - 7:00am
Challenger Job-Cut Report - 7:30am
ADP Employment Report - 8:15am
PMI Manufacturing Index - 9:45am
Construction Spending - 10:00am
ISM Non-Manufacturing Index - 10:00am
Gold closed at $1,800.50 an ounce, up $19.30
Silver settled at $18.64 an ounce,