The recovery story is gaining the upper hand in the markets today, with stocks posting rallying hard in response to strong news on housing prices and big rallies overnight in global markets. Treasurys are taking it on the chin. As a result, for the first time in a year, the yield on the S&P500 has dipped below the yield on the 10-year Treasury.
The Case-Shiller index reported today that home prices jumped 10.9% in March, the biggest gain in seven years. Double-digit gains in hard-hit areas like Phoenix, Las Vegas, San Francisco and Detroit helped to propel stock prices
Time to pop the bubbly? You’re behind the game. On the Hampton’s, Long Island’s tony seaside getaway (think Great Gatsby), the $25,000 stuff has already been drained. You’ll have to wait for the next sky diving waiter to find another magnum.