Economy | News-Opinion
CLOSING BELL: September 19th: DJIA: 13,577.96 | UP 13.32 | +0.10%
OIL: $91.98, DOWN 3.31, -3.47%
GOLD: $1,771.70, UP .50, +0.03%
GASOLINE (US Avg): $3.854, DOWN 0.004
Wall Street ends higher, led by housing sector
Aleksandra Michalska, Reuters – U.S. stocks rose on Wednesday as investors dipped back into the market after the recent pullback from a rally that lifted the S&P 500 to just shy of five-year highs.
Housing stocks were among the day’s leaders following stronger-than-expected data on home sales. The PHLX housing sector index .HGX jumped 2.2 percent, led by a 4.3 percent advance in PulteGroup (PHM.N), the second-largest U.S. home builder, to $16.43.
The pace of U.S. home resales rose 7.8 percent in August, the fastest in more than two years. Housing starts also climbed, a hopeful sign that a budding housing market recovery is gaining traction.
The reports came as investors looked for improving economic data to help bolster a rally of 5.9 percent in the S&P 500 since the start of August.
“The recent pullback in prices was all about healthy profit-taking after the big rally we had last week,” said Neil Massa, senior U.S. trader at MFC Global Investment Management, in Boston. “Now people are buying.”
The Dow Jones industrial average .DJI rose 13.32 points, or 0.10 percent, to end at 13,577.96. The Standard & Poor’s 500 Index .SPX added 1.73 points, or 0.12 percent, to finish at 1,461.05. The Nasdaq Composite Index .IXIC gained 4.82 points, or 0.15 percent, to close at 3,182.62.
Last week, the S&P 500 reached its highest closing levels since December 2007 following a decision by the U.S. Federal Reserve to launch a new round of economic stimulus. The market pulled back or ended flat for two days, causing some investors to get back into stocks that had lost ground.
Read the full story at Reuters [here]
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.
