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.
Other reports Thursday had the U.S. economy growing less than
expected last quarter and jobless claims rising more than estimated
last week.
"The housing market continues to look good, and GDP growth is
slow and steady, which is actually a good environment for stocks,"
said Randy Frederick, managing director of active trading and
derivatives at the Schwab Center for Financial Research.
Since start of the bull market, now in its fourth year, "you
kept hearing you can't have an economic recovery until you had
participation by the housing market. It started in the middle of
last year, in the June-July time frame. So now, almost a year
later, it's pretty clear that has happened," said Frederick.
The Dow Jones Industrial Average (DJI) rose 61.78 points to
15,364.58, with 23 of its 30 components advancing.
Bank of America Corp. (BAC) led blue-chip gains.
Dow member Alcoa Inc. (AA) fell 0.4% 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 8.62 points to 1,656.98, with
financials leading sector gains and telecommunications the leading
laggard among its 10 major industry groups.
The Nasdaq Composite (RIXF) climbed 23.99 points to
3,491.50.
For every two stocks on the decline, three gained on the New
York Stock Exchange, where 226 million shares traded as of 11:35
a.m. Eastern.
Composite volume exceeded 1.3 billion.
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.
Reversing direction, crude-oil futures (CLN3) advanced 47 cents
to $93.60 a barrel on the New York Mercantile Exchange.
Noteworthy movers on Thursday included Clearwire Corp. (CLWR),
up 24%, 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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