US stocks higher on housing reportFebruary 28th, 2012 - 3:09 am ICT by IANS
New York, Feb 28 (IANS) US stocks traded higher at mid-day Monday as better-than-expected housing data helped lift the market, Xinhua reported.
The Dow Jones Industrial Average surpassed the 13,000 mark.
The National Association of Realtors reported that pending home sales gained 2 percent to 97.0 in January, the highest in nearly two years.
However, concerns about the European debt crisis continued to weigh on the market. Members of the Group of 20 leading economies said Europe need to raise extra funds to combat the ongoing debt crisis.
Also, investors were worried that surging oil price may impede the economic recovery. Oil price had surged to a 10-month high last week due to concerns over oil supplies from the Middle East.
The Dow Jones industrial average gained 17.55 points, or 0.14 percent, at 13,000.50. The Standard & Poor’s 500 was up 1.77 points, or 0.13 percent, to 1,367.51. The Nasdaq Composite Index rose 4.02 points, or 0.14 percent, to 2,967.77.
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Tags: amp, association of realtors, debt crisis, dow jones, dow jones industrial, dow jones industrial average, economic recovery, europe, investors, market members, middle east, nasdaq composite index, national association of realtors, oil price, oil supplies, s 500, xinhua