Stocks Rise on Housing Data
After opening the session in negative territory on Friday,
stocks have fought back, as strong housing data injects optimism
into the market.
The major averages opened in the red despite strong durable goods
data released by the Commerce Department this morning. The data
showed an unexpected rise in July orders of 5.9 percent, the
largest increase since last September. Wall Street had expected a
rise of 1.5 percent after seeing an increase of 1.9 percent in
June.
New home sales increased by 2.8 percent in July to a seasonally adjusted
annual rate of 870,000. The increase beat out analyst expectations of 820,000
new home sales. Sales are still down 10.2 percent compared with last July, when
the housing boom was in full swing. Stocks rose as the data was released, as
investors hope the increase is a sign that the housing slump is coming to an
end.
Crude oil future prices for September rose by
1.3% to $70.75 a barrel. Gold
futures for December delivery rose 0.5% to $672.00 an ounce.
Around Asia, Shanghai’s Composite index rose 1.5% to 5,107.67,
Hong Kong’s Hang Seng fell 0.2% to 22,921.89, and Tokyo’s Nikkei
lost 0.4% to 16,248.97.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com
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