Bank stocks led the market again, as the KBW Bank Index (I:BKX) rose over 1% to close at 60.51, with all but one of the 24 index components ending the session with gains
Dow Jones Industrial Average
The National Association for Home Builders said its Housing Market Index, prepared in cooperation with Wells Fargo, rose by three points to a reading of 44, increasing from a downwardly revised reading of 41 in April. The industry group said the higher reading during May "reflected improvement in all three index components - current sales conditions, sales expectations and traffic of prospective buyers."
Economists polled by Thomson Reuters had on average expected a May reading of 43 for the Housing Market Index. "While industry supply chains will take time to re-establish themselves following recession-related cutbacks, builders' views of current sales conditions have improved and expectations for the future remain quite strong as consumers head back to the market in force," said NAHB Chief Economist David Crowe. Still, a Housing Market Index reading below 50 indicates that a majority of builders view market conditions as poor. The Federal Reserve on Wednesday said that U.S. industrial production declined by 0.5% during April after having increased by 0.3% in March and 0.9% in February. Economists expected a smaller decline in production of just 0.1% in April. Total industrial production during April was 1.9% above the level a year earlier.
CitigroupCiti's shares have returned a remarkable 30% this year, following a 51% return during 2012. The shares trade for just below their reported March 31 tangible book value of $52.35, and for 9.7 times the consensus 2014 earnings estimate of $5.32, among analysts polled by Thomson Reuters. The consensus 2013 EPS estimate is $4.71. C data by YCharts
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-- Written by Philip van Doorn in Jupiter, Fla. >Contact by Email.