The late rally even gave a lift to tech stocks like Google and Intel, which had weighed on the market much of the day. "As long as the market can close on a positive note, it sends a signal to investors that there are bargains in the market still to be had," said Quincy Krosby, market strategist at Prudential Financial.
Despite today's disappointing GDP, the market uptrend remains intact.
Take a look at some of Friday's midday movers:
NEW YORK-- The shares of at least four homebuilders hit new highs and construction materials companies got a boost as well Wednesday from the release of a new report showing that U.S. builders started construction on homes in September at the fastest rate since July 2008, another sign of a recovering housing market.
CoreLogic, a private real estate data provider, said U.S. home prices rose 4.6 percent in August from a year ago, the largest year-over-year increase in more than six years. Prices are rising in most parts of the country, CoreLogic said. _ PulteGroup Inc., up 18 cents, or 1.2 percent, to $15.49.
Things are looking up for housing, at least among home builders, one industry expert said Thursday.
Despite mixed results in the housing sector, many homebuilder stocks are outperforming the overall market by a large margin.
Homebuilder stocks rose Thursday following a Wall Street Journal report showing that hedge funds have been buying up housing-related investments.
Stocks extended a September rally by breaking through a long-held trading range to hit four-month highs a day before the Federal Open Market Committee meets. AmEx rose while Cisco fell.
Stocks continued to add to gains Monday in a broad-based rally that pushed stocks to new levels, although trading volume remained thin. AmEx rose while Cisco fell.
Stocks gained Monday as the S&P 500 broke through the top-end of a trading range ahead of a town hall session with President Barack Obama centered on the U.S. economy. American Express rose and Cisco fell.
Stocks finished slight lower Wednesday as the financial-driven rally that kicked off the quarter Tuesday lost steam. Energy, retail and chips finished mostly higher.
Stocks wobbled at the open Wednesday as the market looked to Federal Reserve Chairman Ben Bernanke, testifying on Capitol Hill today and tomorrow, for direction.
It’s the last day of 2007, which means everyone and their broker are busy with predictions for 2008, but I’d caution you in using today’s numbers from the National Association of Realtors as any basis for prediction.
I've never claimed to be an economist (just play one on TV), but I have held a few yard sales in my time, so this I know: If something isn't selling, lower the price. So how can new home sales be reportedly dropping 9 percent while the price of a new home rose month-to-month from $229,500 to $239,100?!
I'm out of the office today, but I'll be back -- and blogging -- on Wednesday. Happy Holidays!
The folks at HUD felt that my blog of yesterday left out some key points, namely, their side of the story, so I am happy to post a reply directly from them.
Betting on real estate these days is not for the faint of heart. Between the housing correction, economic uncertainty, the credit crisis and predicted softening in the commercial property markets, determining where to invest for future returns requires an extra dose of due diligence and, let's face it, good old-fashioned courage.
We reported some pretty nasty numbers from the Mortgage Bankers Association yesterday: A 51% rise in new foreclosures nationwide to the highest rate in the history of the MBA survey. And it’s a big bad number like that that is going to add more fuel to the fire in Washington among all those folks who have been bandying about the idea of some kind of government...