U.S. stock indexes rise on domestic data
Pending home sales climb to two-year high in May
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) — U.S. stocks rose on Wednesday, extending gains into a second day, with investors cheered by domestic economic data and a respite from headlines from Europe.
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“We may be reaching a point where expectations are low enough that U.S. data is not disappointing to the downside so much, and Europe is at least not grabbing attention with bad headlines at the moment,” said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland.
“But, like any case of congestive heart failure, you know the long term is going to be trouble,” McCain said of Europe’s debt trouble.
A two-day gathering of European leaders starts Thursday in Brussels.
The government reported orders for long-lasting goods bounced back in May after two straight declines, up 1.1% last month. Read full story about durable-goods orders.
And, a trade group’s index of pending home sales rose 5.9% in May to a two-year high, adding to other recent positive reports from the battered sector. See story on pending home sales.
The Dow Jones Industrial Average DJIA +0.72% rose 78.34 points, or 0.6%, to 12,613.01, with all but four of its 30 components rising.