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RECOVERY SIGNS: Home sales boost, stocks surge
NATION — By MainStreetMantra Desk on August 22, 2009 at 12:28 pm
HOME SALES ON RISE
A boost in home sales and reassurance from Fed Chairman Ben Bernanke spark a market rally.
The strongest monthly home sales increase in a decade and an encouraging economic assessment from Federal Reserve Chairman Ben S. Bernanke have provided new support for the hope that recovery from the worst recession in decades may be at hand.
Wall Street celebrated by pushing stocks and commodities higher Friday. Stocks surged Friday, with the Dow, Nasdaq and S&P 500 all ending at fresh 2009 highs, after Fed chief Ben Bernanke said the economy is near a recovery and existing home sales posted their biggest jump in two years.
The Dow Jones industrial average (INDU) gained 156 points, or 1.7%, closing at the highest point since Nov. 4. The S&P 500 (SPX) index added 19 points, or 1.9%, closing at the highest point since Oct. 6.
The Nasdaq composite (COMP) rose 31 points, or 1.6%, ending at the highest point since Oct. 1.
Stocks have managed to rally in the last week, despite light trading volume and some worries about the impact of a potential economic slowdown in China. The advance got an additional leg up Friday after the economic news.
In particular, investors welcomed a report that showed existing home sales jumped for the fourth month in a row, rising well beyond forecasts.
Tags: ben, bernanke, chairman, economy, federal, homes, markets, over, recession, recovery, reserve, sales, stocks, surge, wallstreet, worst
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6 Comments
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Some years ago a study done at the University of Texas concluded that if Federal expenditures had never risen above 15% of GDP, economic growth would have averaged 1 % higher per year over the half century since. Is there anyone who thinks the American people, rich and poor alike, would not be better off with a 30 trillion dollar economy instead of the obscene waste and corruption of our present bloated government?
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