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Stocks Stage a Late Rally While Facebook Soars

By: Minyanville
Posted: 7/25/2013 4:05:00 PM
Referenced Stocks: DHI;FB;LYB;PHM;TYC

The S&P 500 (INDEXSP:.INX) finished the day up 0.30% following a late-day surge.

Durable goods came in better than expected, rising 4.2% month over month versus the 1.5% consensus. Last month's figure was revised up to 5.2% from 3.6%. New orders ex-transports rose less than expected, coming in flat versus the 0.6% consensus.

On the employment front, initial jobless claims came in slightly worse than expected at 343K, which was 2K more than the consensus.

Gold was up 0.9% on the day to $1,330 per ounce. The 10-year yield jumped 2 bps to 2.61%.

The SPDR S&P Homebuilders ETF (NYSEARCA:XHB) fell 2.5% on the day after two major homebuilders reported disappointing earnings. D.R. Horton ( DHI ) fell 9% after missing analysts' estimates while PulteGroup ( PHM ) shares dropped 12% after doing the same.

Facebook ( FB ) shares rocketed up 26% after topping Wall Street's expectations by an enormous margin as the company reported a surge in mobile advertisements.

This morning Great Britain released GDP of 0.6%, in-line with analysts' estimates.

Tomorrow's Financial Outlook

The University of Michigan consumer sentiment report is due outtomorrow at 9:55 a.m. EDT . The index is expected to record a reading of 84.0.

Tyco International ( TYC ), LyondellBasell ( LYB ), and Aon (AON) are among the companies reporting earningstomorrow .

Twitter: @Minyanville