NEW YORK (AP) â€" Better news on home sales and softened prospects for pursuit expansion sent bonds aloft on Wall Street Thursday.
The Dow Jones industrial average rose 135 points, scarcely creation adult a 140-point detriment from a day before. The S&P 500 edged behind into a black for 2011, with only one some-more day of trade left in a year.
The four-week normal of stagnation claims fell to a three-and-a-half-year low, an denote that employing could collect up. Also, a series of Americans who sealed contracts to buy homes in Nov rose some-more than 7 percent to a top turn in a year and a half, according to a National Association of Realtors.
Quincy Krosby, Prudential Financial's marketplace strategist, conspicuous a reports were enlivening signals for a economy going in to 2012.
"The association between jobs and housing has been intelligible this year," Krosby said. "Parts of a nation where jobs are some-more abundant are a ones where a housing marketplace has hold up."
Krosby conspicuous a association has turn some-more conspicuous after a genuine estate bust, when lenders became demure to even cruise business for a debt unless they hold jobs. She conspicuous it's a conspicuous trend in many cities nationwide.
For instance, Boston's 1.1 percent dump in home prices given final year was one of a lowest among metro areas tracked by S&P/Case-Shiller index. The city's stagnation rate is 6.2 percent, many reduce than a inhabitant normal of 8.6 percent.
The certain housing news sent a bonds of home builders neatly higher. Masco Corp. soared 8.4 percent, a many in a S&P 500. PulteGroup Inc. rose 6 percent and Lennar Corp. gained 4.6 percent.
The Dow sealed during 12,287.04, a benefit of 135.63 points, or 1.1 percent. For a year, a Dow is adult 709 points, or 6 percent.
The S&P 500 rose 13.38 points, or 1.07 percent, to 1,263.02. That's only 5 points above where a index started a year.
The technology-heavy Nasdaq combination rose 23.76 points, or 0.92 percent, to 2,613.74. The index if down 39 points for a year.
Trading was really light as investors get prepared to tighten a books on 2011. Markets will be sealed Monday in tact of New Year's Day, that falls on Sunday.
Volume on a New York Stock Exchange was 2 billion shares, reduction than half of a new average. Gaining bonds led losing ones four-to-one.
The euro fell to a lowest turn opposite a dollar in some-more than a year and a lowest opposite a Japanese yen in a decade. The euro went as low as $1.28 contra a dollar, a weakest given Sep 2010.
Investors continued to be disturbed that Italy's 10-year borrowing rate stays uncomfortably tighten to 7 percent, a turn that economists cruise unsustainable. Greece, Ireland and Portugal all had to find service from their creditors after their 10-year bond yields rose above 7 percent.
Italy paid 6.98 percent on a 10-year bond auction where it lifted $3.3 billion. That's reduce than a 7.56 percent it had to compensate during an homogeneous auction final month, though not low adequate to lessen investors. Italy's new premier conspicuous his supervision has some-more to do before it convinces financial markets it can conduct a complicated debts that have done it a concentration of a euro section crisis.
In other corporate news:
â€" Chesapeake Midstream Partners rose 5 percent after a healthy gas systems user concluded to acquire Chesapeake Energy Corp.'s tube business.
â€" Hill International Inc. rose 3 percent after a construction government association was awarded a $3.3 million agreement to build a new track in Iraq.
â€" Sears Holdings Corp. fell 1 percent as investors disturbed over a predestine of a retailer, dual days after it conspicuous it was shutting over 100 stores nationwide.
News referensi http://news.yahoo.com/stocks-home-deals-job-growth-prospects-211525261.html Also On shopping
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