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 81.24 points to
15,384, with 22 of its 30 components advancing.
Bank of America Corp. (BAC) led blue-chip gains.
Dow member Alcoa Inc. (AA) fell 0.1% 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 11.75 points to 1,660.11, with
financials leading sector gains and telecommunications losing the
most ground among its 10 major industry groups.
With one trading session remaining in May, the S&P 500 is up
4% month-to-date, positioning for it for a seventh consecutive
monthly gain, which would be its longest monthly win streak since
one ending in September 2009.
The Nasdaq Composite (RIXF) climbed 33.02 points to
3,500.53.
For every two stocks on the decline, more than three gained on
the New York Stock Exchange, where 366 million shares traded as of
2:15 p.m. Eastern.
Composite volume exceeded 2.2 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.
Gold futures gained $20.20 to end at a more-than-two-week high
of $1,412 an ounce on the Comex division of the New York Mercantile
Exchange. And, crude-oil futures (CLN3) reversed course to rise,
lately up 54 cents to $93.63 a barrel on the New York Mercantile
Exchange.
Noteworthy movers on Thursday included Clearwire Corp. (CLWR),
up 26%, 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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