Market Continues to Climb, Homebuilder Stocks Rally on Positive Housing Market Data
The U.S. equity market is continuing to rally in mid-day trading, following positive pending home sales data and hopes of an end to the crisis in Europe. All sectors in the S&P 500 are in green, with the gains being led by the basic materials and capital goods sector.
Following the big rally on Wednesday, stocks are continuing to soar today, with all three major indexes currently in green. The Dow Jones is currently up 0.92% to 11,358.82, the S&P 500 is currently up 1.17% to 1,220.92 and the Nasdaq is currently up 1.10% to 2,577.51.
Retail stocks are continuing to climb after reporting better-than-expected sales for the month of November. The major gainers in retail sector are Abercrombie & Fitch Co. (NYSE: ANF), which is up 10.59% to $55.78, The Buckle Inc. (NYSE: BKE), which is up 6.84% to $38.60, and The Wet Seal Inc. (NASDAQ: WTSLA), which is up 6.15% to $3.45.
Homebuilder shares are also rallying after a National Association of Realtors report showed that pending home sales increased a record 10% in the month of October. Among the major gainers in the sector are Lennar Corporation (NYSE: LEN), which is up 7.30% to $16.90, KB Home (NYSE: KBH), which is up 5.60% to $12.55, and Hovnanian Enterprises Inc. (NYSE: HOV), which is up 7.89% to $$.10.
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