Housing Recovery is Sending Stocks Upward
February 28, 2013
The newest signs that the housing market is recovering is sending stocks higher on Wall Street.
There was a huge jump in the Dow Jones Industrial average of close to 116 point which ended on Tuesday at 13,900 which led an increase in Home Depot of 6%. Home Depot is the nations large home improvement store chain which reported a huge increase in earnings.
Another sign that the housing market is recovering is that the government reported new home sales soared 16% in January which is the highest level seen since July of 2008.
This information sent homebuilders stocks higher such as Hovnanian that increased 11%.
Standard & Poor’s 500 saw a nine point gain to 1,496, while the Nasdaq increased 13 points to 3,129. On the New York Stock Exchange 2 stocks increased for each one that fell. The volume was average at 3.8 billion shares.