Wall Street gains on encouraging existing home sales data
Published on Tue, Nov 24, 2009 at 07:57 | Source : Moneycontrol.com
Updated at Tue, Nov 24, 2009 at 08:11
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Wall Street gains on encouraging existing home sales data
The US markets snapped their three-day losing streak on Monday after an encouraging report on existing-home sales and a pullback in the dollar. The Dow gained 132.79 points, or 1.3%, to 10,450.95 - its highest level since October 2008.
The US markets snapped their three-day losing streak on Monday after an encouraging report on existing-home sales and a pullback in the dollar. Also Read - How ADRs performed
The Dow gained 132.79 points, or 1.3%, to 10,450.95 - its highest level since October 2008. The S&P 500 index added 14.86 points, or 1.4%, to 1,106.24, while the Nasdaq Composite Index rose 29.97 points, or 1.4%, to 2,176.01.
Driving the gains in the US market was the report that showed existing home sales shot up 10.1% in October to the highest level in 2 and half years. This was well above the 2.3% rise economists had expected and came after a 9.2-percent jump in September.
The dollar fell the most in two weeks against the euro after comments from a Federal Reserve official reinforced expectations US interest rates would stay low for some time.
Crude is trading above USD 77, off earlier highs of nearly USD 80.
Copper futures in London, New York and Shanghai rallied to 14-month highs. The metal gained more than 2%. Among other metals zinc, nickel and aluminum also rose. Gold scaled a record high above 1,173 dollars.
