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Category: Money

Stocks Soars as House Prices Jump

Written on June 29, 2011 by Japhet Writ

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U.S. stocks rallied on Tuesday, with the Dow jumping 145 points, as investors cheered a report showing home prices rose for the first time in nine months in April.

Last Tuesday, US stocks rallied, as investors applauded for an increase in for the first time in nine months. was up with 145 points, climbed 17 points, and added 41 points. In addition to these, S&P’s shares were led higher with Nike’s 10% increase in profit and sales. The athletic shoe-maker now sees strength in its Chinese and other overseas markets.

Moreover, S&P’s home price index from Case-Shiller – one of the leading gauges on the – rose to 0.7% last April. However, D.A. Davidson & Co.’s chief investment strategist – Fred Dickson – doesn’t believe that this report represents a bottom.

Meanwhile, investors continue to follow overseas developments despite the ongoing protest in Greece since Tuesday. It should be remembered that Greek Prime Minister, George Papandreou, pushes deep spending cuts and tax increases. In need to secure financial aid for the struggling country, Greek lawmakers began debating on austerity package last Monday. Discussions were continued last Tuesday, and settled to vote for a five-year budget plan today.

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