Stocks rose yesterday, and are a 3 day win streak as sentiment was boosted by strong earnings from Walmart and Cisco Systems while banks climbed on higher rates.
The number of people who applied for unemployment benefits last week fell to the lowest level in a month, dragging new jobless claims back near a post-recession low and suggesting all is well in the U.S. labor market.
Construction on new houses rose almost 6% in April, but builders still lagged behind last year’s pace despite a big drop in mortgage rates with the busy spring buying season in full throttle.Housing starts increased to an annual rate of 1.24 million last month. Economists expected starts to rise at a 1.21 million pace.
Shares of Pinterest dropped more than 15%, after the company reported larger losses than expected in its first quarterly earnings report since its initial public offering. Pinterest reported a net loss of $41 million, or 33 cents a share, on revenue of $201.9 million, up from $131 million a year ago.
Boeing said it has completed the development phase of its 737 Max software update, having flown the aircraft with the updated feature for more than 360 hours on 207 flights. The company said they are hoping for speedy approval of the fix by the FAA.