Dow Climbs 156; Stocks Hit Highs

Jump in existing-home sales spurs rally
By Nick McMaster,  Newser Staff
Posted Aug 21, 2009 3:21 PM CDT
Trader Bradley Silverman, right, works on the floor of the New York Stock Exchange Friday, Aug. 21, 2009.   (AP Photo/Richard Drew)
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(Newser) – Stocks rallied today off of strong housing data, propelling all three major indices to their highest levels of the year, the Wall Street Journal reports. Sales of existing homes rose 7.2% in July, the National Association of Realtors said, beating analysts’ expectations by a generous margin. The Dow rose 156 points to close at 9,506. The Nasdaq gained 32 points, closing at 2,021, and the S&P 500 gained 19 points to settle at 1,026.

  • For the week, the Dow gained 2%, the Nasdaq rose 1.8%, and the S&P 500 added 2.2%.