US mkts end with moderate gain

CNBC's Rebecca Jarvis - A late rally on Wall Street, the Dow closed up almost 69 points, the S&P 500 gained 9.5 and the Nasdaq added 36.5 points. Mixed news on housing, sales of existing homes were up more than 3% in April, that’s the first increase since 6 months, highly unexpected, but the home stales are still up 42% YoY and home prices are dropping 14% that is the sharpest rate in 2 decades according to Case-Shiller Index.

US consumer confidence extending its fall in May to reach a 16 year low as inflation expectations reached a record high on rising gasoline prices. Index currently at 57.2, just a year ago, it stood at 108.5. While gas prices remain at all time highs, oil closed below USD 130/bbl for the first time in nearly a week despite fresh threats to supplies. Last week of course, it reached a record high of just above USD 135/bbl. 

Wall Street action:

Dow ends up 69 pts, S&P 500 gains 9.5 and Nasdaq up 36.5 pts

Sales of existing homes up more than 3% in April

Home Price Index dips 14% from prior month

Inflation expectations rise on the back of high gasoline prices

Crude trading below $130/bbl despite fresh threats to supplies