Stocks open week with strong rally
Wall Street zoomed out of the gate Monday morning in a strong rally ahead of the most recent existing home sales report, due out at 10 a.m.
In the first 20 minutes of trading, the Dow is up 1.4 percent.
The broader S&P 500 is up 1.7 percent, as is the tech-heavy Nasdaq.
The markets closed Friday on a three-day losing streak, which they appear to be trying to flip this morning. The key market-moving data this week comes Tuesday, when third-quarter GDP gets revised. Remember: the number that was reported last month (3.5 percent) was only a preliminary number and it always gets revised when the data gets fully cooked.
Forecasters are expecting a downward revision to 2.8 percent, so we'll see how that affects the markets.
-- Frank Ahrens
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November 23, 2009; 9:43 AM ET
Categories: The Ticker | Tags: Dow Jones, nasdaq, s&p 500
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