Markets closed up on Wall Street: DJI 0.36% SP500 0.45% Nasdaq 0.55% Gold 1.45% Oil 6.06%.
Last week in the markets was brutal, but today markets rallied from noon eastern time until the close. On the commodities front, Oil (NYSE:USO) made a monster comeback, closing up $5.89 at $103.07. Oil & Gas (NYSE:XOP) companies followed. Gold (NYSE:GLD) also rallied back, driving prices per ounce back above $1,500. And if you have the guts to be hanging around the roller coaster called Silver (NYSE:SLV), today shares jumped 7.25%.
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Today’s markets were up because:
1) Consumer Credit limits are UP! Need a reason to get bullish about consumer spending? The Federal Reserve Bank of New York issued their Quarterly Household Debt and Credit Report, and the report said credit limits are up, mortgage accounts are up, foreclosures and bankruptcies are down, and delinquent debts are down. Don’t let the words speak for themselves, check out all the pretty charts too.
2) Apple (NASDAQ:AAPL) reigns supreme as the Most Powerful Brand in the Known Universe. Not too much of a shocker given Apple’s complete dominance of design, consumer electronics, and the media in general. Apple unseated Google (NASDAQ:GOOG) which held the top spot for the four previous years. Don’t Miss: The Top 100 Most Powerful Brands.
3) 10-year Treasury Yield kept falling. Thought you perfectly timed your last mortgage or refinance? Yields keep going lower, so who knows how cheap money will get. That’s good news for the real estate (NYSE:IYR) market as Zillow says last month was the worst drop in house prices since 2008.
Now that you’re in the know, get ready to enjoy the NBA Playoffs!