MW : U.S. stock investors signal caution as some stimulus ends
"What makes the data more concerning for the long-term viability of any recovery that we may be in the middle of is much of the activity came from distressed sales, inventories of unsold homes still rose and home prices are still falling," said Nolte.
On Monday, stocks pulled higher for a fifth day in the wake of a report Friday that existing home sales climbed more quickly than forecast.
Energy, financials and materials paced sector gains as the Dow Jones Industrial Average (INDU 9,563, +57.51, +0.61%) climbed 64.31 points to 9,570.27. The S&P 500 Index (SPX 1,034, +7.46, +0.73%) added 8.17 points to 1,034.3, while the Nasdaq Composite (COMP 2,033, +12.29, +0.61%) rose 13.78 points to 2,034.68.
"The persistent rise in the stock market may be signaling an end to the recession or investors may be whistling past the graveyard," said Nolte of the market's trend upward.
