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.

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Published on Oct 17, 2012
By InvestorGuide Staff

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