Homebuilders Show Strength Following April Home Prices – Acadiana Business Index
- The Dow Jones added 32 points to 12,535 after being down as many as 50 points in early action. The S&P 500 gained 6 points to 1320 and the NASDAQ advanced 18 points to 2854. Composite volume on the NYSE was 3.4 billion shares with advancing issues besting decliners by a 2-1 margin. The NASDAQ was 4-3 positive on issues.
- Stocks wavered between gains and losses as investors digested mixed economic reports amid ongoing uncertainties surrounding Europe.
- Despite this, the major averages closed near their session highs as a rebound in crude oil prices helped lift the energy sector. Shares of Exxon closed $1.16 higher at $82.40 per share and Chevron added $1.87 to $100.95.
- Homebuilders showed strength throughout the day following a positive move in April home prices. Lennar was up 78 cents to $27.36 and Toll Brothers was in the green by $1.35 to $26.89.
- On the earnings front, Apollo Group gained $3.34 to $35.81 after the company topped analysts’ expectations in their quarterly report.
- In other news, News Corp rallied $1.68 to $21.96 after the company reported that it was considering splitting its television and print businesses.
- In bondland, Treasuries were lower along the curve. The 10-year note was down 1/4 of a point to yield 1.63% and the 30-year bond fell 17/32 to yield 2.70%.
For the complete report, click Ken's Market Report.