The major averages have moved roughly sideways in recent trading, hovering in positive territory. The Dow is up 67.79 points or 0.4% at 17,119.52, the Nasdaq is up 36.74 points or 0.8% at 4,461.45 and the S&P 500 is up 11.27 points or 0.6% at 1,984.90.
The strength on
NAR said existing home sales climbed 2.6% to a seasonally adjusted annual rate of 5.04 million in June from an upwardly revised 4.91 million in May. Economists had been expecting existing home sales to rise to 4.99 million.
With the bigger than expected increase, existing home sales rose to their highest annual rate since reaching 5.13 million in October of 2013.
Relatively tame inflation data has also generated some buying interest, as the
Excluding food and energy prices, core consumer prices inched up by 0.1% in June after rising by 0.3% in the previous month. Economists had expected core prices to edge up by 0.2%.
Core prices increased at an annual rate of 1.9% in June, reflecting a slowdown from the 2.0% growth reported in May.
A largely positive reaction to the latest batch of earnings news is also contributing to the strength on
Not all companies have reacted positively to their quarterly results, however, as Dow components Travelers (TRV), Coca-Cola (KO),
Networking stocks have shown a particularly strong move to the upside on the day, driving the NYSE Arca Networking Index up by 1.7%. The index has bounced well off the two-month closing low that it set last Thursday.
Significant strength has also emerged among telecom stocks, as reflected by the 1.6% gain being posted by the NYSE Arca Telecom Index. With the gain, the index has reached its best intraday level in well over a month.
Housing stocks are also turning in a strong performance on the heels of the upbeat existing home sales data, with the Philadelphia Housing Sector Index climbing by 1.2%.
Computer hardware, transportation, and biotechnology stocks are also seeing notable strength, while gold stocks are among the few groups bucking the uptrend.
In overseas trading, stock markets across the
The major European markets also moved notably higher on the day. While the
In the bond market, treasuries are seeing modest weakness after ending the previous session slightly higher. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.3 basis points at 2.487%.
Most Popular Stories
- Businesses, Investors Pressing for Green Policy
- E-scrap Recyclers Find Profits in Upgrades
- 'The Voice' Sounds Different This Season
- Congress Casts a Coy Vote on ISIS War
- At Groupon, Not a Good Deal of Workplace Diversity
- Lower Used-Car Prices Roil the Auto Industry
- Porn Lovers Get a New Search Engine
- Liberty Power Helps USHCC Go Green
- Utah Hosts US Hispanic Chamber of Commerce Meeting
- NSHMBA to Rebrand With New Name, Logo