Existing Home Sales Soar

Wall Street is flirting with another new high today. As of 12:30, the Dow is up 117 points and the Nasdaq is up over 26. Gold is also have another big day. The yellow metal is now close to $1170 an ounce.

The big economic news today was that existing home sales jumped 10.2%. That’s a great headline. I should caution you that we won’t know for a few months if this number was distorted by tax credits that were due to expire.

To continue with an earlier story, the speculation that Hershey (HSY) will jump in and make a bid for Cadbury (CBY) has reached a fever pitch. It seems like everyone on Wall Street expects them to make a move. Bloomberg has reported that Nestle is also interested. This could get very interesting.

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