US stocks rise as housing data exceeds expectations
Washington - Major Wall Street indices gained Wednesday as new housing market data showed pending home sales in May exceeded expectations.
Several homebuilding company stocks rose and an overall improvement across the homebuilding market bolstered confidence.
A separate report showed that US orders for durable goods – such as cars and home appliances - rose by 1.1 per cent in May for the first time in three months, suggesting stabilization in US demand.
The blue-chip Dow Jones Industrial Average gained 92.34 points, or 0.74 per cent, to 12,627.01. The broader Standard & Poor's 500 Index added 11.6 points, or 0.9 per cent, to 1,331.85. The technology-heavy Nasdaq Composite Index rose 21.26 points, or 0.74 per cent, to 2,875.43.
The US currency gained against the euro to 80.21 euro cents from 80 euro cents on Tuesday. The dollar rose against the Japanese currency to 79.74 yen from 79.51.//DPA
