Jason A. Weisberg of Seaport Securities weighs in on Wall Street's climb on Thursday after optimistic data revealed pending home sales soared in May, while fewer Americans filed claims for unemployment benefits last week.
Contracts to purchase previously owned U.S. homes beat expectations and hit a six-year high in May as the National Association of Realtors said on Thursday its Pending Home Sales Index increased 6.7 percent to 112.3, the highest level since December 2006.
Initial claims for unemployment benefits fell 9,000 to a seasonally adjusted 346,000, the Labor Department said. In addition, the four-week moving average for new claims fell 2,750 to 345,750.
Separate data showed consumer spending increased 0.3 percent last month after a revised 0.3 percent drop in April, the Commerce Department said. According to the Bureau of Economic Analysis, personal income increased $69.4 billion, or 0.5 percent, and disposable personal income increased $57.0 billion, or 0.5 percent in May.
On the economic calendar for Friday, economists will be eyeing Chicago PMI and consumer sentiment.
As of 12:28pm Eastern, the Dow Jones industrial average .DJIA climbed 87.39, or 0.59 percent, to 14,997.53. The S&P 500 .SPX rose 9.39 points, or 0.59 percent, to 1,612.65.
