U.S. stocks rose on Wednesday as investors grabbed shares beaten down in the previous session's sell-off and data showed pending home sales rose more than expected.
Wall Street rebounds on energy, home sales, capital flows from Europe to the US into movable assets, on deteriorating confidence in the management of the fiat system. You pick the reason. I would go with the later more than the former.
While pending home sales may have rose more than expected, it suggests little about the future. The year over year rate of change in building permits, though still positive, decelerated in April with the expiration of the home buyers credit program in March.
Building Permits And Change YOY:
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