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Stocks started the week higher as worries surrounding inflation seemed to subside a bit after multiple Federal Reserve leaders assured investors that inflation would be temporary. Investors pushed stocks higher across the board, with all three major indexes seeing strong gains. Eighty-three percent of S&P 500 stocks rose, while twenty-two out of the 30 Dow components gained.
The market finished lower on Tuesday as investors digested disappointing economic data. The Conference Board’s gauge of consumer confidence eased a bit in May to 117.2 from a downwardly revised 117.5 reading in April. Plus, new home sales fell 5.9% in April following a significant downward revision in March as an increase in property values is limiting demand.
