Stocks Rally on Housing Data

  • June 25, 2007
  • Darren Wong

U.S. stocks rebounded sharply after existing home sales data was
released. Investors were relieved after existing home sales
declined by only 0.3% in May to 5.99 million units.

Crude oil futures for July delivery fell 1.6%
to $68.07 per barrel after the nationwide oil worker strike ended
in Nigeria over the weekend. Gold futures for August delivery fell
fractionally to
$653.60 an ounce.


Around Asia, Shanghai’s Composite index lost 3.7% to 3,941.08,
Hong Kong’s Hang Seng lost 0.8% to 21,822.35, and Tokyo’s Nikkei
fell 0.6% to 18,087.48.

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Stocks in
Motion

Higher Prescription Sales Boost Walgreen Q3 Profit (full
story). WAG shares lose 1%.

RCN To Acquire Neon Communications For About $260 Mln (full
story). RCNI shares rise by 1.4%, while NGI shares fall by 0.4%.

Doral Financial Says FBOP Backs Out Of Investment Proposal; To Vote For
Proposed Investment Transaction Between Doral Financial And Doral Holdings (full
story). DRL shares drop 30%.

Conexant Systems
Taps ColdWatt’s Daniel Artusi As President, CEO (full
story). CNXT shares are flat.

For more stories as they happen, go to our
Breaking News section.


Market Snapshot

Dow

 +96.41 13,456.67

NASDAQ

 +10.97 2,599.93

S&P 500

 +8.01 1,510.57

 

 NYSE NASDAQ

Volume

 1,192,403,000 814,724,000

Advances

 1773 1640

Declines

 1306 1241

Up Volume

 643 464

Down Volume

 426 285

New Highs

 54 94

New Lows

 61 53


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Pharmaceutical Index (DRG) Amex Natural Gas Index (XNG)
Banking
Index (BIX)		 Gold Bugs Index (XUI)
Healthcare Index (HCX) Dow Jones Equity REIT Index (DJR)


 


Economic
News

Exisiting Home Sales 5.99 mln vs
6.00 mln consensus, Prior revised to 6.01 mln from 5.99 mln

Darren Wong

Associate Editor

darrenw@tradingmarkets.com