New York, July 28 (DPA) US stock indices closed higher Monday as new home sales jumped at the fastest rate in eight years, helping banking and construction shares higher.
The US Commerce Department said that purchases of new homes surged 11 percent in June from the month before, surprising economists with a possible sign that the housing crisis at the centre of the deep US recession may be ending.
Home builders and banks, which lost hundreds of billions of dollars in home mortgage defaults, were encouraged by the figures.
The blue-chip Dow Jones Industrial Average was up 15.27 points, or 0.17 percent, to 9,108.51. The broader Standard & Poor’s 500 Index rose 2.92 points, or 0.3 percent, to 982.18. The technology-heavy Nasdaq Composite Index added 1.93 points, or 0.1 percent, to 1,967.89.
The US currency fell slightly against the euro to 70.22 euro cents from 70.37 euro cents Friday. The dollar rose against the Japanese currency to 95.25 yen from 94.76 yen.
