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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