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Stocks rise on stronger US housing, factory data

Stocks rise on stronger US housing, factory data

Stocks are closing higher after a rare dose of good news about the U.S. economy.
The National Association of Realtors said Wednesday that Americans signed more contracts to buy previously occupied homes in May. Homebuilders soared.
The government had said earlier that businesses placed more orders for long-lasting manufactured goods in May. A separate measure of business investment also rose sharply.
Traders remain nervous about the festering debt crisis in Europe. But encouraging signs about the U.S. were enough to lift stocks.
The Dow Jones industrial average closed up 92 points at 12,627. The S&P 500 index added 12 to 1,331. The Nasdaq gained 21 to 2,875.
About seven stocks rose for every two that fell on the New York Stock Exchange. Trading volume was light at 3.23 billion shares.


Updated : 2020-12-01 04:07 GMT+08:00