US stocks climb on housing data
Thursday, April 26, 2012
On April 26, U.S. stocks rose due in part to a better than expected housing report and strong showings from several companies.
According to Bloomberg, the Standard and Poor's 500 Index moved toward its biggest three-day rally in a month with PulteGroup climbing 5.8 percent following an earlier reported loss and Chevron Corporation growing 1.6 percent.
“We’re more confident,” Andrew Milligan, of Standard Life Investments, told the news source. “The market got into this earnings season a little too pessimistic. The economy has surprised a little more positively. The underlying concept of an economy moving forward is pretty much accepted by people.”
For the housing market, pending home sales rose on a year-over-year basis in March, according to recent data analysis from the National Association of Realtors. The Pending Home Sales Index, which provides a forecast based on contract signings, found an increase of 4.1 percent to 101.4 in March, from an upwardly revised figure of 97.4 in February, and a 12.8 percent increase compared with March 2011 when it was 89.9.
The housing market and other factors affect the state of the stock market. Investors can take advantage of online investment for their various needs.
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