NEW YORK (AFP) – US stocks rallied as markets opened Tuesday after a closely-watched index of the US housing market showed that home prices rose from March to April, giving beleaguered investors reason to cheer.
The Dow Jones Industrial Average climbed 70.96 points (0.59 percent) to 12,114.52 in the first half-hour of trading.
The broader S&P 500 rose 7.36 points (0.57 percent) to 1,287.46, while the tech-heavy Nasdaq Composite gained 16.27 points (0.61 percent) to stand at 2,704.55.
The gains came after the S&P/Case-Shiller Home Price Indices showed the first month-on-month uptick in US housing prices since July, offering hope that the housing market -- a key pillar of the economy -- might be bottoming out.
Average home prices in 20 major cities grew 0.7 percent from March to April, the monthly report showed. But they remained 4.0 percent below their April 2010 level, reflecting the deeply depressed state of the market.
"Home prices should remain subdued in the medium term despite a modest and very gradual improvement in residential real estate sector," said Inna Mufteeva, an economist with Natixis.
Separately, US investors kept a close eye on events in Athens, where unions launched a 48-hour general strike aimed at thwarting passage of an unpopular austerity package designed to prevent a government default.
Markets have been jittery for months about the prospect of a Greek default out of fears that it could have devastating repercussions for Europe's financial sector and beyond.
Shares of Nike, the US maker of athletic footwear and clothing, surged 7.1 percent after the company reported that its fourth-quarter net income had jumped 14 percent, beating analysts' forecasts.
Bond prices fell. The yield on the 10-year US Treasury note rose to 2.95 percent from 2.93 percent on Monday, while that on the 30-year bond edged upwards to 4.29 percent from 4.28 percent.
Bond prices and yields move in opposite directions.
沒有留言:
張貼留言