US stocks increased because of home sales data

Monday, April 02 2007 @ 09:55 pm UTC

In New York, last Tuesday readings showed that there is a sharp increase on the stocks, which is a sign telling an improvement in the housing market. Around 0.7 percent was said to be the increase for the sales of existing homes, the National Association of Realtors with the accordance of the surveys conducts this. The NAR said that the price index had adjusted in an annual rate of 0.7 percent to 109.3 in the month of February from a reading in January, which is said to be 108.5 percent.

Last Monday Century Financial Corp. had filed a protection for bankruptcy. There were issues that telling the Century might be the biggest lender of mortgage to collapse.

Wall Street reported that crude oil prices started to decrease when the tensions between the countries of Iran and Britain subside.

On the other report it was said that the increased in energy prices contribute to inflation which can be a hindrance to the low interest rates.

Still the investors are still waiting reports to be release by the nationís automakers, which they hope, wonít contribute to an immediate halt in the habits of consumer spending.

Readings in the midmorning trading showed that the Dow Jones Industrial Average increase 100.94 percent to 12,483.24. The Standard & Poorís index rose 9.86 percent to 1,434.41 and the Nasdaq index was up to 22.3 percent to 2,444.29.

While readings on the bonds were bit changed after the home sales data. Dollar was said to rise again while the gold prices slid.

Eliza Maledevic

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