Sunday, April 25, 2010

Home-sales report buoys stocks

Associated Press Apr. 24, 2010 12:00 AM

NEW YORK - Stocks rose Friday after a strong report on new-home sales offset mixed news from corporate earnings reports. The market was held in check for much of the day after Greece decided to tap a bailout program.

The Dow Jones industrial average closed higher for the 11th time in the past 12 trading days. Friday's gains wrapped up the index's eighth consecutive weekly gain - the longest winning streak for the Dow since a two-month stretch ended in January 2004.

Sales of new homes jumped 27 percent in March, bouncing off a record low in February. It was the second straight day stocks got a lift from housing news.

The Dow rose 69.99, or 0.6 percent, to 11,204.28. The Standard & Poor's 500 index rose 8.61, or 0.7 percent, to 1,217.28, while the Nasdaq composite index rose 11.08, or 0.4 percent, to 2,530.15.

Home-sales report buoys stocks

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