Daily Wrap: May 22, 2013 Wednesday, May 22, 4:21 PM ET
There was a slight pop in stocks after Federal Reserve Chairman Ben Bernanke's statement this morning in which he said economic data in the coming months would dictate how much longer the Fed would continue with its stimulus plan.
Investors were also encouraged by the latest numbers from the housing sector. The National Association of Realtors said existing home sales rose to its highest level since November 2009, up 0.6% to an annual rate of 4.97 million units.
On the earnings front, shares of Toll Brothers (NYSE:TOL) rallied today after the home builder blew past profit expectations, thanks in part to a rise in orders. Target (NYSE:TGT) reported weaker-than-expected sales and the company also lowered its full-year profit forecast. And Pfizer (NYSE:PFE) announced today it will split off its majority stake in Zoetis (NYSE:ZTS), an animal health business that was spun off from the company several years ago.
Tomorrow, we'll take a look at the numbers for weekly jobless claims as well as earnings from PetSmart (PETM).
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