Stocks were little changed Tuesday even after the release of strong data around home prices and consumer confidence.
Home prices in April rose 14.6%, according to the S&P CoreLogic Case-Shiller National Home Price Index. Shares of homebuilding company PulteGroup rose 2% after the report was released. The Conference Board’s consumer confidence index also came in at its highest level since March 2020.
With the economy rebounding from the pandemic, the S&P 500 is up 14% so far in 2021 with one day left to the second quarter. But stock market history suggests a downturn could be on the way.
Tuesday marked the 279th day without a 5% decline from highs in the S&P 500, the 19th longest stretch without a pullback of that magnitude since World War II, according to CFRA.
