Market Update - May 22, 2014

This morning we are seeing a slight uptick in the markets primarily due to hopeful signs for the housing market. Existing homes sales jumped 1.3% in April, the National Association of Realtors said. It was the first monthly gain of the year. We also got some positive earnings news from some retailers, contrary to those reported earlier this week.

Ahead of the open, the Labor Department reported initial claims for jobless benefits rose by 28,000 to 326,000 last week; with the four-week average down 1,000 to 322,500.

The Conference Board announced its index of leading indicators, a measure designed to gauge the economy's future health, rose 0.4% in April.

The Memorial Day weekend is upon us. The bond market will close early at 2 p.m. ET this Friday, and the stock and bond markets will be closed on Monday May 26th. Loveless Wealth Management will be closed on Monday May 26th in honor of the holiday. We will resume normal business hours on Tuesday May 27th.  Have a great weekend!