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Market Update

Indexes on Wall Street Gain 1%, Home Price Index Rises

Author: Nichole Harper
Last Update: 9:58 AM ET May 28 2013

9:55 AM New York – Market indexes in New York surged more than 1% and metropolitan home price index gained more than expected in March. World markets traded higher after central bankers around the world offered positive comments in the support of higher financial markets.

Stocks in early trading opened higher following market gains in overseas markets.

S&P 500 index increased 1.1% or 17.19 to 1,667.79 and the Nasdaq Composite Index added 41.52 to 3,500.63.

The controversial metropolitan index of home prices showed a price in March, the best annual increase in seven years.

The S&P/Case Shiller composite index of 20 metropolitan areas increased 1.1% from the previous month after adjusting for seasonal factors. The index jumped 10.9% from a year ago month.

The average home price has jumped to the level last seen in 2003 and Phoenix area led the increase by 22.5% increase followed by 22.2% rise in San Francisco and 20.6% gain in Las Vegas.

European Markets

Club Med management along with its largest shareholder offered to take the company private as the stock soared more than 22%.

The offer from two largest shareholders at 16 euros per share is at a 23% premium to Friday’s close price and values the company at $700 million.

The packaged tourism operator has lost money in the last five of the seven years and revenues have lagged below 1 billion euros and the number of tourist arrivals has languished at 600,000.

Asian Markets

Markets in Asia were on the upswing after the yen slid and Nikkei jumped 1.2% at close after dropping as much as 10% in the previous two trading sessions.

Market indexes in Hong Kong and Shanghai added more than 1%, in India gained 0.6% and in South Korea jumped 0.3%.

Stocks in Review

Tiffany (TIF) jumped as much as 5% in the early trading after the luxury jeweler said fiscal first-quarter revenues and earnings were ahead of expectations and left its current year outlook unchanged.

Valeant Pharmaceuticals increased 10% after the Canada based biotech and medical devices company agreed to acquire privately held Bausch and Lomb for $8.7 billion including debt.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc