Stocks Ended High on Housing Data

U.S. stocks rose modestly on Tuesday after a better-than-expected report on the housing market lifted consumer discretionary and energy companies. The Dow Jones Industrial Average rose 32.01 points, or 0.26%, to end at 12,534.67. The S&P 500 index climbed 6.27 points, or 0.48%, to 1,319.99. The Nasdaq Composite gained 17.90 points, or 0.63%, to 2,854.06.

U.S. single-family home prices picked up for a third month in a row in April, suggesting the recovery in the housing market is gaining traction, a closely watched survey showed on Tuesday. The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.7 percent on a seasonally adjusted basis, topping economists’ expectations for a 0.4 percent gain.

Crude-oil futures finished higher Tuesday in a late-session reversal after U.S. equities achieved a similar feat. Crude oil for August delivery  advanced 15 cents, or 0.2%, to settle at $79.36 a barrel on the New York Mercantile Exchange.

Confidence among US consumers dropped in June for a fourth consecutive month as mounting concern over jobs and incomes dimmed the outlook for spending. The Conference Board’s sentiment index fell to 62, a five- month low, from a revised 64.4 in May, figures from the New York-based private research group showed today. Another report showed home prices were stabilizing.

About the Author

has written 15039 stories on this site.

Copyright © 2012 Nine Stocks