Stocks set new records at the open Tuesday after a big rally in European markets. European markets were higher after ECB executive Benoit Coeure said the central bank would front-load its QE program in May and June before an expected period of low liquidity over summer. The housing recovery accelerated in April as housing starts rose at their fastest pace since late 2007. Construction spiked 20.2% to 1.14 million. Walmart (WMT) disappointed after suffering a stronger dollar, higher wage costs, and customers holding onto their gas savings. Home Depot (HD) beat estimates in its winter quarter and forecast sunny months ahead.
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