Home Sales Send Dow Over 9,000

By Newser Editors and Wire Services
Posted Jul 23, 2009 10:22 AM CDT
Home Sales Send Dow Over 9,000
Traders gather at the post that handles the common stock of CIT on the floor of the New York Stock Exchange Thursday, July 16, 2009.   (AP Photo/Richard Drew)

The Dow Jones industrials are back above 9,000 today for the first time since the beginning of January. A report of a jump in home sales eased investors' worries about one of the economy's biggest trouble spots. They responded by buying stocks across the market, lifting the major indexes more than 1.5% and sending the Dow up 150 points, past 9,000.

A real estate group said sales of previously occupied homes rose 3.6% from May to June. It was the third straight monthly increase, feeding investors' hopes that the overall economy is strengthening. Several better-than-expected earnings reports also helped boost investor sentiment. Ford surprised with a second-quarter profit of $2.3 billion, while drug maker Wyeth, cigarette maker Philip Morris, and candy maker Hershey all raised their profit forecasts. (More stock market stories.)

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