First the scoreboard:
Dow: 15,118, +35.8 pts, +0.2%
S&P 500: 1,633, +7.0 pts, +0.4%
NASDAQ: 3,436, +27.4 pts, +0.8%
And now the top stories:
- There were no major earnings announcements or market moving economic reports today.
- According to the Treasury Department, the U.S. government posted a $112.9 billion budget surplus in April, the highest surplus in five years. This was largely driven by a 27% year-over-year jump in total tax receipts. This number was right in line with economists' estimates.
- Shares of Tesla surged again today. This comes after stronger-than-expected earnings, robust guidance, and Consumer Reports' highest-ever rating for a car. The stock is up around 40% in just the last two days. How Tesla Went From Near-Failure To Stunning Profitability >
- In a research note titled "Raging Bull," Bank of America's Michael Hartnett presented a case for stocks going much higher. "The risk of a melt-up in stocks is high and rising," he wrote. "Positioning, price-action, policy and a range-bound economy can conspire to cause an overshoot."
- Meanwhile, PIMCO's Bill Gross is calling the top and the end of the great bond bull market. "The secular 30-yr bull market in bonds likely ended 4/29/2013," tweeted Gross. "PIMCO can help you navigate a likely lower return 2-3% future."
- Popular hedge fund manager Hugh Hendry just released his first quarter letter to investors. He was bullish on U.S. stocks, the U.S. dollar, and Japanese stocks. "Perhaps more interesting was another break from recent tradition, as the US dollar proved less negatively correlated to the performance of the stock market," Hendry said. "It is early to draw anything firm from this, but the sight of the stock market and the dollar rising in tandem looks more like the regime which accompanied the last two dollar bull markets of 1980-85 and 1995-2001."
- Don't Miss: JPMORGAN'S TOM LEE: These Are The 23 Best Stocks For The Next 6 Months >
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