U.S. Stocks Gain as Pending Home Sales Top Forecasts
U.S. stocks rose, erasing an early drop, as pending home sales increased more than forecast and shares of builders and technology companies rallied after earnings topped analysts’ estimates.
PulteGroup Inc. rallied 6 percent after the homebuilder’s loss was less than forecast, while Citrix Systems Inc. and Xilinx Inc. jumped more than 7 percent to lead technology shares higher after reporting results. Exxon Mobil Corp. and United Parcel Service Inc. retreated at least 1.5 percent after earnings missed estimates.
The Standard & Poor’s 500 Index increased 0.1 percent to 1,391.57 at 10:02 a.m. in New York after decreasing as much as 0.3 percent earlier following government data showing jobless claims exceeded economist estimates. The Dow Jones Industrial Average rose 47.91 points, or 0.4 percent, to 13,138.63. buyers back into the market.
The index of pending home purchases rose 4.1 percent to 101.4, the highest level since April 2010, after a 0.4 percent gain in February that was revised from a previously estimated 0.5 percent drop, the National Association of Realtors reported today in Washington. The median forecast of 43 economists surveyed by Bloomberg News called for a 1 percent rise in the measure, which tracks contracts on previously owned homes.
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