By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks climbed Thursday, with the
Dow industrials bouncing back after their largest hit in four
weeks, as another report cast a positive light on the U.S. housing
market.
Stock indexes retained gains after the National Association of
Realtors reported pending sales of homes rose 0.3% in April.
"The housing market continues to squeak out gains from already
very positive conditions," said Lawrence Yun, NAR's chief
economist.
Other reports Thursday had the U.S. economy growing less than
expected last quarter and jobless claims rising more than estimated
last week.
"Today's report isn't likely to move the needle, as it contained
no real surprises," Jim Baird, chief investment officer for Plante
Moran Financial Advisors, noted in emailed commentary on the GDP
number.
"It's the most recent chapter in the story of an economy that
has moved forward in fits and starts over the past several years,"
Baird added.
Separately, the Labor Department reported its count of Americans
who filed for first-time jobless benefits rose by 10,000 last week
to 354,000.
A volatile Japanese market remained in the headlines. The
Japanese yen (USDJPY) fell against the U.S. dollar (DXY) and Japan
equity index futures bounced higher after Reuters reported a
proposed change in Japan's public pension fund's strategy would
likely bolster equity markets while denting the nation's currency.
U.S. stock index futures also gained after that report.
The Dow Jones Industrial Average (DJI) rose 62.90 points to
15,367.70, with 24 of its 30 components advancing.
Dow member Alcoa Inc. (AA) fell 1.2% after Moody's Investors
Service reduced its rating on the aluminum manufacturer's debt to
one notch below investment grade.
The S&P 500 index (SPX) added 8.12 points to 1,656.48, with
utilities leading sector gains and energy the sole laggard among
its 10 major industry groups.
The Nasdaq Composite (RIXF) climbed 19.43 points to
3,486.94.
Advancers outran decliners nearly 2-to-1 on the New York Stock
Exchange, where 113 million shares traded as of 10:10 a.m.
Eastern.
Composite volume exceeded 588 million.
Crude-oil futures (CLN3) fell 76 cents to $92.37 a barrel on the
New York Mercantile Exchange.
Noteworthy movers on Thursday included Clearwire Corp. (CLWR) ,
up 19%, after Dish Network Corp. (DISH) upped its offer for the
company, upping the ante in a bidding competition with Sprint
Nextel Corp. (US-S)
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