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MONDAY, NOVEMBER 23, 2009
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 MARKETS 
2

Dow Climbs 156; Stocks Hit Highs

Jump in existing-home sales spurs rally

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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%.

Trader Bradley Silverman, right, works on the floor of the New York Stock Exchange Friday, Aug. 21, 2009.
Trader Bradley Silverman, right, works on the floor of the New York Stock Exchange Friday, Aug. 21, 2009.   (AP Photo/Richard Drew)
Specialist Evan Soloman, facing camera at right, is surrounded by traders on the floor of the New York Stock Exchange Friday, Aug. 21, 2009.
Specialist Evan Soloman, facing camera at right, is surrounded by traders on the floor of the New York Stock Exchange Friday, Aug. 21, 2009.   (AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange Friday, Aug. 21, 2009.
Traders work on the floor of the New York Stock Exchange Friday, Aug. 21, 2009.   (AP Photo/Richard Drew)
Catherine Donnelly, left, of NYSE Euronext talks to a Banc of America specialist on the floor of the New York Stock Exchange, Thursday, March 12, 2009 in New York.
Catherine Donnelly, left, of NYSE Euronext talks to a Banc of America specialist on the floor of the New York Stock Exchange, Thursday, March 12, 2009 in New York.   (AP Photo/Henny Ray Abrams)
Neil Gallagher of Bear Wagner Specialists works on the floor of the New York Stock Exchange, Tuesday, March 10, 2009 in New York.
Neil Gallagher of Bear Wagner Specialists works on the floor of the New York Stock Exchange, Tuesday, March 10, 2009 in New York.   (AP Photo/Henny Ray Abrams)
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The housing number is certainly the absolute cause of the rally today. - Richard Sparks, Schaeffer's Investment Research

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2 comments
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Derni
Aug 21, 09 4:31 PM CDT
we can only hope we see sustained growth in the sale of existing homes as well as a turn around in the unemployment numebrs Reply
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youngblood
Aug 21, 09 6:35 PM CDT
It's up, It's down, It's going round and round and where it stops? Just think our whole economy hedges on gambling. Doesn't it? Maybe I'm wrong. Reply
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