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Dow, Nasdaq and S&P rally after Pending Home Sales Index unexpectedly rises in July

2nd Sep 2010, 9:09 pm
Dow, Nasdaq and S&P rally after Pending Home Sales Index unexpectedly rises in July

US stock markets edged higher this afternoon on as July existing home sales rose and jobless claims fell.   


The report released by the National Association of Realtors showed that Pending Home Sales Index  unexpectedly rose 5.2% for July. A group of economists surveyed by Bloomberg News expected the figure to be a decline of 1%.  


For the week ended on August 28th, jobless claims totalled 472,000, falling by 6,000 from the week before.  Economists expected the figure to drop to 470,000, according to Bloomberg.  


With the current unemployment rate at 9.5%, all eyes will be on the employment report due out tomorrow morning.  The report is expected to show that 80,000 jobs were lost in the private sector in August and the unemployment rate will expand to 9.6%, according to Bloomberg. 


The S&P 500, Dow Jones, and Nasdaq indexes edged upwards slightly by 0.87%,  0.48 %, and 1.02%, respectively, minutes away from market close.


The US dollar index, which tracks the performance of the US dollar against a basket of six other currencies, declined 0.006%.


Burger King’s (NYSE:BKC) shares surged 24.6% after it agreed to be taken private by 3G capital for $3.26 billion. 

Buyout-rumours once again circles Saks (NYSE:SKS), prompting its shares to rally almost 11%.


Kronos Worldwide (NYSE:KRO), Shinhan Financial Group (NYSE:SHG), and Abercrombie and Fitch (NYSE: ANF) are some of the biggest decliners, retreating 12%, 5%, and 4%, respectively, on US markets.


Commodities


Crude oil futures  advanced 0.84% to trade at $76.99 per barrel.


Gold futures advanced 0.38% to trade at $1252.9 per ounce.  Silver and copper also posted gains,  rallying 1.48% and 0.26%, respectively.


Canadian markets


The S&P/TSX index climbed 0.9% to trade at the 12,107 level going into market close.


Six of eight Canadian sector indices posted gains.  The information technology and the financial sector led the way in gains, advancing 1.38%% and 0.79%, respectively. Health care and utilities sectors both suffered losses, retreating 0.13% and 0.41%, respectively.


On the Toronto Stock Exchange, Alimentation Couche-Tard (TSX: :ATD.A) declined 2.38%.  Yesterday, the convenience store operator sweetened its bid for Casey’s General Stores (NASDAQ:CASY) to $38.50 a share from $36.75.  Casey’s advanced 0.16% in afternoon trading on the NASDAQ.


Heritage Oil (TSX: HOC) fell 1.90% despite strength in oil prices.  Equinox Minerals(TSX: EQN, ASX:EQN) also posted losses, dropping 2.85% on the Toronto Stock Exchange.

The theatre entertainment company IMAX (TSX: IMX, NASDAQ: IMAX) posted gains of 3.83%.  Other big gainers include Silver Standard Resources (TSX: SSO) and SCX Health Solutions (TSX: SXC) which advanced 4.66% and 3.88%, respectively.

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