Housing Data Gives Stocks a Boost
(NEW YORK) — The markets made up some of the ground lost on Monday after data released today showed favorable signs for home prices.
The Dow managed to close up 61 points, while the Nasdaq and S&P gained 21 points and 8.6 points, respectively.
The latest Standard & Poor’s/Case-Shiller Home Price Index found increases in 19 of the 20 markets it surveys. That’s a sign that the housing market may finally be stabilizing. Housing stocks climbed an average of 1.3 percent.
Meanwhile, gas prices have hit a five-month low, down to a national average of $3.40 a gallon just in time for July 4th travel. If you fill up in South Carolina, you’ll really get a bargain where prices average less than $3.
But encouraging signs at the gas pumps are still not enough to boost consumer confidence. The Conference Board’s latest Consumer Confidence index dropped again this month for the fifth month in a row. The reading was 63.2 percent, which is well below the 90 that indicates a healthy economy.
Copyright 2012 ABC News Radio