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Market Update

New Home Sales Surge in May Spur Stock Advance on Wall Street

Author: Nichole Harper
Last Update: 11:22 AM ET June 24 2014

11:20 AM New York U.S. stocks traded higher on a strength in tech and biotech stocks. New home sales surged 18.6%, second monthly increase following two months of decline and seasonally adjusted annual rate rose to the highest since May 2008.

Stocks on Wall Street traded flat but biotech and technology stocks advanced and new home sales increased.

S&P 500 index increased 4.67 to 1,967.27 and the Nasdaq Composite Index added 30.07 to 4,398.77.

New home sales in May soared 18.6% following a 3.7% increase in April, the Commerce Department said today. With the surge in May, seasonally adjusted annual sales rate increased to 504,000, the highest level since May 2008.

The two months of gains were following by declines in February and March that were partly driven by harsh winter weather.

European Markets

In London trading, FTSE 100 index slid 0.2% or 10.57 to 6,789.99 and in Frankfurt the DAX index edged up 0.06% or 5.62 to 9,926.54.

In Paris, CAC 40 index rose 0.1% or 6.46 to 4,522.03.

Altice issued 17.9 million shares to raise 911 million. BowLeven sold its 50% stake in the Etinde oil and gas permit for $250 million. Chemring Group said pre-tax loss widened to 72 million on 6.7% decline in revenues. Croda Intl lowered pre-tax profit forecast.

Asian Markets

Stocks in Tokyo advanced as investors focused on the second-half of the fiscal year and the prospect of rising earnings.

The latest increase in sales tax has not affected the consumer sentiment and analysts are revising earnings for the second-half led by leading exporters and retail companies.

Prime Minister Shinzo Abe is expected to hold a press conference today following the approval of economic growth plan from the cabinet today.

The Nikkei 225 Stock Average edged up 6.96 to 15,376.24 and the broader Topix index inched up 1.02 to 1,268.50.

The yen slid to close at 101.93 against one U.S. dollar.

The Sensex Index climbed 337.58 or 1.4% to close at 25,368.90 The CNX Nifty jumped 86.85 to 7,580.20.

Adani Ports acquired Dhamra Port. IRB Infrastructure secured a road project worth Rs 2,300 crore in Haryana. Power Grid Corp plans to invest more than Rs 5,500 crore in Chhattisgarh.

U.S. Stocks in Review

Elizabeth Arden, Inc (RDEN) declined 2.9% or 82 cents to $27.48 after the maker of perfumes announced a restructuring plan and eliminate jobs to cut costs.

Micron Technology, Inc increased $1.32 or 4.2% to $32.61 after the memory chip maker reported third-quarter sales of $3.98 billion and earnings of $806 million.

Sonic Corp (SONC) increased 9 cents to $22.74 after the drive-in restaurants chain operator reported third quarter adjusted earnings of 30 cents a share and better than expected sales of $152 million.

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