US Stocks Fall as G-20 Rebuffs Euro Area Call for Assistance
19.05.12
Feb. 27 (Bloomberg) -- U.S. stocks rose as a better-than- estimated jump in pending home sales helped the market recover from an early drop after the Group of 20 nations rebuffed calls from the euro area for more bailout funding.
A Standard & Poor’s gauge of homebuilders advanced 1.5 percent. Lennar Corp. and Toll Brothers Inc. increased more than 1.6 percent. Lowe’s Cos., the second-largest U.S. home- improvement retailer, gained 2.1 percent as profit exceeded estimates. Financial shares in the S&P 500 reversed a decline. Citigroup Inc. and Morgan Stanley rose at least 0.8 percent.
The S&P 500 gained 0.2 percent to 1,368.22 at 11:28 a.m. New York time, erasing an earlier decline of 0.8 percent. The Dow increased 19.71 points, or 0.2 percent, to 13,002.66.
“This has turned into a more resilient market,” Timothy Ghriskey, who oversees $2 billion as chief investment officer of Solaris Group LLC in Bedford Hills, New York, said in a telephone interview today. “We don’t see a lot of aggressive buyers either, but there are not many aggressive sellers, he said. ‘‘The U.S. home data has helped the market. Europe will certainly have some influence. Yet volatility appears to have subsided.’’
Source: BusinessWeek