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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Markets Zoom Out Of Gate

Wall Street opened well up this morning, rebounding strongly from last week's losses.

In the first 15 minutes of trading, the Dow is up 93 points, or about 1 percent.

Both the broader S&P 500 and the tech-heavy Nasdaq are up about 1 percent, as well.

The markets are awaiting home builder confidence data set to be released at 1 p.m. today, which will provide a gauge of where developers think their market is headed.

The Dow declined 3.6 percent last week, the S&P 500 slid 5 percent and the Nasdaq was off 3.4 percent in a pullback, or "correction," as the traders call it.

No one believed that the 30+ percent rally that began in early March would continue unabated. The more pessimistic forecasters see a radical pullback, but most traders right now see the markets moving along sideways for the next several months, as they generally feel better about the economy's prospects but digest coming waves of defaults in the consumer credit card market.

-- Frank Ahrens
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By Frank Ahrens  |  May 18, 2009; 9:45 AM ET
Categories:  The Ticker  | Tags: Dow Jones, homebuilder sentiment, nasdaq, s&p 500  
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