The market is getting a tilt to the upside this morning, with the Dow Industrials futures for June up 79 points at 10,678, and the S&P 500 futures up 9 points at 1,143.60, perhaps helped in part by Greece receiving its first bailout funds.
Helping things, too, are a couple of positive data points this morning: The U.S. Department of Labor reportedproducer prices for finished goods fell 0.1% in April, following a gain in March. That was below expectations for a 0.1% increase.
And new residential construction units started in April rose by 672,000, up 6% from March and ahead of the 655,000 economists were expecting, the U.S. Department of Commerce reported. (Must be all those new homes in Vegas.) Building permits fell to 606,000, below the 680,000 expected and down 12% from March.
Europe’s credit markets eased this morning, with Greece’s risk premia to insure against default falling to 610 basis points from 665 yesterday. Ireland, Italy, Portugal, Spain and the UK all narrowed as well, according to Markit.
The U.S. dollar fell against the Euro as the latter stabilized from yesterday’s fall, with the dollar trading at $1.2426, down from last night’s closing cross of $1.2384.
Home builders rose on the housing starts news, with Toll Brothers (TOL) up 12 cents, half a percent, at $21, and Pulte Homes (PHM) up a penny at $11.66.
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