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Wall Street ends losing streak as home sales numbers improve

Tom Michaels - Internet News Director

@ November 23, 2009 4:20 PM Permalink | Comments (2)

NEW YORK (AP) -- Investors halted a three-day losing streak on the stock market, sending prices broadly higher on a weaker dollar and better-than-expected home sales numbers.

The National Association of Realtors says Monday that home sales rose 10.1 percent in October to the highest level in two and a half years, spurred by a tax credit for first-time homebuyers.

A falling dollar is pushing prices for commodities higher.

The Dow Jones industrial average is up 133 at 10,451, a 13-month high. The Standard & Poor's 500 index is up 15 at 1,106. The Nasdaq composite index is up 30 at 2,176.

Four stocks rose for every one that fell on the New York Stock Exchange. Volume totaled 977.5 million shares compared with 1.1 billion Friday.

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What others are saying

Home Sale Higher?
NAR Says that Home Sales rose 10.1%. 10.1% of what? 10% of nothing is nothing. 10% of 100 is 10. That all sounds good except when you take into account the shape of the economy an the impending tax increase. This will drag the economy down even more.
10% rise compared to 14%+ Foreclosure Rate. WOW!
OBAMAS Stimulated Recession isn't anything to go to the bank with is it.
By Dennis @ 11/23/09 11:18:20 PMreport abuse
Home Sale Higher?
NAR says that sales were up 10.1%. Yea that sounds good. But when you look at the whole picture it is weak at best. 10% of nothing is nothing!
10% of 100 is only 10. In the grand scheme of the economy as it is. 10% I wouldn't get to excited when you have a 14%+ Foreclosure Rate. OBAMAS Stimulated Recession is not even close to being over.
By Dennis @ 11/23/09 11:07:44 PMreport abuse