US Housing Starts Hit a Four-Year High Showing Signs of Revival (BAC, AXP)

Big news came from the US housing market today, showing a 15% jump in housing starts, reaching a four-year high and suggesting recovery. Sentiment was positive from this news and lifted stocks of several home builders and retailers. The Dow finished higher for the fourth day in a row and the S&P 500 and Nasdaq ended with slight gains as well. European markets were up on Wednesday also after Moody's confirmed Spain's bond rating, avoiding a decline. Exxon Mobile Canada (XOM) announced its plan to acquire Celtic Exploration for $3.1 billion.
Earnings reports continued with Pepsico (PEP) releasing results that were higher than expected while after the bell American Express Co. (AXP) announced its earnings were about flat. Oil remained around $92 a barrel and crude supplies rose more than expected at 2.9 million barrels.

Word on the Street

Interesting Tidbits

Published on Oct 17, 2012
By InvestorGuide Staff

Copyrighted 2016. Content published with author's permission.

Posted in ...