| Higher Home Prices Provide a Boost To Stock Prices |
| Jun-26-2012 |
| Keywords: stocks higher, home prices, rise, consumer confidence |
Wall Street investors today reacted positively to news of price gains in the housing market.
The Dow Jones Industrial Average ended the session up 32 points. The Nasdaq Composite gained 18 points. The S&P 500 finished 6 points higher.
Lose modest gains coming on news home prices in April rose .7% on a seasonally adjusted basis. The sharper than expected rise marking the third straight monthly price increase, giving some hope that the housing market may be finally bottoming out.
That news helped investors shrug off another decline in consumer confidence. The Conference Board's index of consumer confidence this month falling to the lowest level since January.
Investors today seemed immune to Europe's woes. Ratings agency Egan Jones downgraded Germany's credit rating with a negative outlook. The company citing the country's exposure to Euro-zone debt and the likelihood that Germany will be out voted in its objection to Euro-bonds.
The energy sector proved to be a source of strength on the Dow today. Chevron led advancers, gaining 1.89% on the day. Exxon Mobil gained 1.43%.
The shares of Facebook continue to rebuild likes among investors. The social media company's stocks today rose 3.24%, closing at $33.10. We'll see tomorrow how the stock performs now that the 40-day quiet period is over, and Wall Street analysts are free to publicly disclose their views on the company.
News Corp's stock jumped 8.34% after the company disclosed it is in fact considering a spinoff of its publishing business. A final decision on that issue expected on Thursday. |
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Posted by Lou Dobbs Staff at 4:00 AM Email to a friend |
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