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July 24, 2008 8:57:46 AM CDT

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Stocks Climb Following Surprising Home Sales Numbers

Posted Aug 24, 07 4:27 PM CDT in US,  Business 

(Newser) – The Dow closed at 13,378.87 today, up 142.99 on strong durable goods orders and a better-than-expected home sales forecast. The S&P 500 jumped 16.87 to 1,479.37, and the Nasdaq rose 34.99 to 2,576.69. Nucor Corp., the second-largest American steel manufacturer, spearheaded the rally with a 7% gain following a favorable report from Merrill Lynch.

Countrywide closed at $21, down $1.02, the sharpest drop on the S&P 500. That index rose 2.3% for the week, its best performance since March, Bloomberg reports. Analysts chalked up the positive moves to the Fed's surprise cut in the discount rate a week ago, boosting confidence:  "We don't see a recession in the cards,'' said one portfolio manager.

Source Bloomberg

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(AP Photo/David Zalubowski)   (Associated Press)
(AP Photo/Richard Drew)   (Associated Press)
(AP Photo/Richard Drew)   (Associated Press)
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stock market  • S&P 500  • Nasdaq  • recession  • Dow Jones  • Merrill Lynch  • markets  • Countrywide  • Department of Commerce



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